Even before the current pandemic, the retail industry was going through a rapid transformation. The changes in this industry have significantly affected shopping behavior and have had massive changes in the retail sector. According to a survey conducted in 2019, 92 percent of the retail leaders were found to view reinventing the customer experience as the top priority. However, with the new reality of the COVID-19 pandemic, we have all been forced to accommodate the new changes. One of the critical changes that can be seen is the adoption of technology that includes big data strategies, artificial intelligence and machine learning. These technologies are used to understand the needs of the customers better and respond to them accordingly. Big data gives retailers ways to differentiate their brands through increased personalization for better customer service and demand forecasting. Here are some ways that big data is changing the retail sector.
Ever since the invention of computers many developments have shaped human lives. The invention of the internet was a landmark achievement which set up the stage for more things that followed. Many would have thought that the internet was the biggest thing ever but it was only a lead-in to developments in the world of big data, AI and IoT. Big data, AI and IoT have revolutionized the world we live in but what exactly are these terms?
- Most read
- Most commented