- Artificial intelligence is on the rise and is becoming increasingly integrated into our lives.
- Retail is one space that can greatly benefit from advancements made by AI analytics technology.
- AI-driven merchandising experience platforms empower retailers to make better data backed decisions.
- Retailers must recognize the importance of embracing AI-driven solutions to stay competitive and meet evolving customer expectations.
The Rise of AI
Even prior to the launch of ChatGPT in November of last year, AI has been the hot topic for, well, everyone. Whether you realize it or not, AI technology has become seamlessly integrated into our daily routines. From asking Siri a question on your iPhone, to chatting with the 24-hour bots when you don't want to call a company representative, to making a video with that new filter on TikTok, to using Grammarly to edit your emails, AI is everywhere, and it's here to stay.
The AI Revolution in Retail
AI is transforming the world as we know it, and the retail space is no exception. There have already been numerous advancements in retail driven by AI technology, and the possibility of where these transformations will take us is endless. AI-driven solutions are becoming integral to meeting customer expectations and staying competitive in the increasingly customer-centric retail environment.
Gartner states, “Retailers that don’t implement critical artificial intelligence (AI)-led merchandising processes now to support the business’s transition to customer centricity will not survive.”
AI is playing a crucial role in offering a host of benefits to both retailers and their consumers. AI analytics technology in retail allows for:
- Heightened personalization
- Higher customer engagement
- More efficient operations
- Better customer service
- Accurate pricing, discounting and promotions
AI's ability to analyze massive quantities of data quickly and accurately democratizes data, making it more accessible for everyone, no matter their role within an organization, to draw valuable insights. Retailers can now utilize personalized data based on individual behaviors and preferences, generating automated insights that further optimize business strategies and customer-centricity. You, the retailer, now have more time to focus on the big picture and can make decisions that are backed by data quickly and confidently.
AI-Driven Merchandising Experience Platform
EDITED's innovative AI-driven platform is a prime example of how AI is transforming the retail industry. By combining data, analytics and automation, the platform empowers retailers to make informed decisions and excel in a customer-centric environment.
- Data Collection and Competitive Market Analysis
EDITED collects and refines data from four billion+ SKUs across 140,000 retailers daily. You can see data from your competitive market and compare it against your own enterprise data. This vast amount of data is crucial for making accurate and up-to-date decisions, a task that would be impossible without AI technology.
- Analytics and Algorithms
Our platform employs advanced algorithms to address common merchandising challenges. Retailers can obtain answers to critical questions like what to buy, how to maximize profits and how to effectively reach customers through these insights.
- Automation and Activation
EDITED fuels activation systems that automate processes, saving time and providing deeper insights into retail operations. Through guided analytics, the platform assists merchandisers in making data-driven decisions about new products, profitable customers, marketing or promotional activities and more.
Keeping up in the Increasingly AI-Driven World
As AI continues to revolutionize the retail space, retailers must recognize the importance of embracing AI-driven solutions to stay competitive and meet evolving customer expectations. Through platforms like EDITED's AI-driven Merchandising Experience Platform, retailers can harness the power of AI to unlock new levels of personalization, efficiency and customer-centricity, propelling their businesses toward a more successful and transformative future.