AI can help retailers understand the consumer

AI can help retailers understand the consumer

5 years ago
Anonymous $L9wC17otzH

https://phys.org/news/2019-01-ai-retailers-consumer.html

To create and sell the "next big thing" in such a dynamic environment, designers, buyers and merchandisers must use their own creativity but also consider, with unprecedented granularity, how consumer preferences are changing and how different design, merchandising and marketing choices will perform. This is where AI and automation come in.

For example, consider a fashion retail buyer. She is responsible for the financial success of the merchandise she selects in any given season, but it's impossible for her to predict the performance of any design 12 months before the target season, or to identify the best promotional interventions to apply in-season. This is because she has very little visibility into how consumer preferences are changing across her stores over time, and how competing products are performing in the market.