Retail stores have been going through a remarkable digitization journey throughout the years; moving away from the old traditional analog retail to the digital era that we are in today. Lately, the focus has been directed towards the future, where stores seamlessly blend with their environment and harness data in their competitive advantage. Read this article and learn how Artificial Intelligence and Machine Learning are the keys to the success of retailers in the future.
The adoption of machine learning, deep learning and predictive analytics is growing at a fast pace in the retail sector, where many retailers are trying to fit AI strategies into their future budgets to remain competitive and increase their Return-On-Investment. For instance, AI algorithms help retailers gain a comprehensive understanding of consumers’ shopping patterns, recommending the best possible promotions personalised specifically for them. Check this blog to learn more about the diverse opportunities that AI can offer to increase ROI.
In 2020, an average of 89.9% of retail sales took place inside stores in the United States and in Ireland. In times of a pandemic people still preferred to shop in person. Brick-and-mortar stores are never dying, but with customers’ changing habits and demands, a data-driven store is guaranteeing it is also evolving.
Operating a brick-and-mortar store in an Internet of Things era certainly brings frustrating competition. But it also has its advantages. Retailers are getting creative with their stores and we sure predict they are not stopping there.
First impressions are important. You may only get one chance to grab your customer's attention. Digital displays capture 400% more views than static displays. It allures the customer and cleans up your store's image. You give the customer the opportunity to truly shop at ease and notice all the important messages your products have.