Innovation in the retail sector
The emergence of social networks and online growing sales demand have changed the way consumers search products and services. How customers get in touch with brands has become a new phenomenon for retainers and their interaction with their customers.
Drastic changes of consumer patterns (a mobile phone purchased by ecommerce, direct contact or by social networks, etc.). give retailers a unique opportunity to hear what their customers are saying about their brands and to offer them innovative solutions.
Technological challenges for the retail industry
Consumers data comes from different sources either by physical or online store. This data can be structured (tables) or not structured (video, text, image, voice). The complexity of this data can only be solved through Big Data analytics. Big Data and Advance Analytics will allow retailers to gain better knowledge of consumers´ tastes and needs and obtain better results.
On the other hand, increasing online sales pose new logistical and distribution challenges, as companies strive to meet customers´ needs. Routes optimization of messengers, stores and warehouse stock, are some of the areas that benefit from the implementation of AI systems.
Contributions of Artificial Intelligence
Artificial Intelligence and more specifically, Big Data Analytics, is broadening the scope of retailer’s way to satisfy customer service and needs.
Individualized identification of the customers most likely to purchase specific products Loyalty
Characterization models to create smart shopping lists by customer
Sales channels Optimization
Classification models to improve customers activation with hypermarket financial card