Apr. 07, 2021
AI Revolutionizing Retail Customer Experience
Michael Ouliel, founder and CEO of BlackSwan Technologies, shares why he believes the untapped potential of retail artificial intelligence lies in consumer-focused applications.
While the industry’s spending on artificial intelligence is estimated to grow to $7.3 billion per year by 2022, up from an estimated $2 billion in 2018, he recommends putting more emphasis on personalizing and simplifying the shopping experience of each individual consumer.
The abundance of valuable data, like location-specific information, past purchase behaviors, demographic characteristics, and price-point or style preferences can be analyzed by AI software to accurately predict the goods and services most likely to appeal to specific customers. This is already transforming the customer experience through highly tailored recommendations and predictions, as well as always-accessible service, driving efficiency of the most progressive retail organisations.
