In today’s fragmented and competitive retail industry, many successful high-volume retailers and consumer packaged goods (CPG) organizations have turned to artificial intelligence (AI) to provide real-time, in-depth knowledge to attract diverse shoppers. AI allows retailers and manufacturers to gather customer insights in an automated fashion and predict next actions based on previous patterns or images.
Using predictive patterns to help understand actions across both physical and digital channels, retailers and suppliers can enhance many functions, such as executing more targeted and personalized marketing campaigns and improve trade promotion efforts. AI can also automate forecasting of inventory needs, more accurately predict out-of-stock incidences and ultimately help optimize supply chains.
In this guest post for Winsight Grocery Business, I break down the three distinct methods of AI – robotics, machine learning and natural language processing (NLP) – and the ways they can help retailers.