Retailers should leverage AI

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 16, 2021, 3:30 PM GMT+0

Despite the uncertainty, AI can help retailers set the right price, manage inventory or streamline processes through accurate predictions.

With consumer behaviour rapidly evolving due to the pandemic, retailers must quickly adapt to changes to steer through the crisis. Leveraging AI can help retailers identify trends, patterns and demands faster and more efficiently than humans.

Last year, many retailers concluded that AI and ML could not drive accurate results during a pandemic and chose manual decision-making to bounce back from more than £3 billion in lost sales. However, feeding AI with necessary customer data can help companies accurately predict even during periods of uncertainty.

Artificial intelligence and machine learning can help retailers make ordering processes more accurate by eliminating the chances of being over or understocked. If leveraged correctly, AI can individualise each item and make appropriate product recommendations based on availability and consumer demand.

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