As customers browse and shop in-person and online, AI is humming behind the scenes looking for the relevant connections between bits of information. Already, it’s helped retailers make potentially millions of decisions to better manage inventory, understand shoppers, and price their products and services.
And it’s just getting started. Able to parse an amount of data no human could, AI has the potential to detect disruptions or product demand earlier, allowing retailers to avoid missed opportunities. Location, as always, remains vital to that undertaking. The most successful retail operation gives the customer what they want when and where they want it at a price point most profitable for the seller.
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