Supply shortages are easing, but inflation is showing no sign of slowing down. Retailers are using AI to refine their pricing strategies.
Students across the country are returning to the classroom this month — some for the first time in more than a year. While early indications show strong late-summer back-to-school sales, retailers aren’t leaving anything up to chance. Widespread confusion around health policies, safety protocols, and required supplies that can vary by school are leading retailers to rely on social media and artificial intelligence to collect information on emerging themes and trends.
Retailers are using artificial intelligence to enhance the customer experience and also run their own back-end operations more efficiently.
Walmart, Walgreens, and Sephora are all using artificial intelligence technology to improve the retail experience. While the majority of use cases for AI in retail have focused on enhancing the shopping experience for customers, forward-thinking analytics firms are innovating and developing new uses for their existing AI technology.
The analytics firm Fractal Analytics is pushing forward in the retail space with its own solution that relies on AI to forecast the cost of retail store remodels, as well as determine the ROI from large-scale renovation projects. Although Fractal works solely with Fortune 500 companies, the solutions it is developing could be adopted more broadly throughout the retail space.
Brick-and-mortar retailers are looking for an edge in their fight against the e-commerce behemoths, and as the battle rages on, it’s looking like artificial intelligence might be the answer.