Today’s retail environment is more competitive than ever, with margins and profits stretched thin by pricing wars and thrifty consumers expecting instant gratification. As a retailer, the good news is that you have numerous tools at your disposal to improve revenue, reduce losses, and eliminate risks than ever before. One tool in particular that should be on your radar is machine learning — the subset of artificial intelligence (AI) by which machines “learn” to recognize patterns, draw correlations, and learn and execute tasks within data without being programmed to do so. Machine learning, especially when used in conjunction with prescriptive analytics can form a pragmatic approach to AI that helps retailers find opportunities for improvement.
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