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Early Days: AI Shows Promise And Limitations For Retailers

February 10, 2020 / pymnts

This is easy. Hire a data scientist. Or reassign the ones you have. Give said scientist(s) a budget to lease a Tensor Flo server with Google and start parsing transaction data. Use data to build an algorithm. Start creating more customer data to feed the algorithm and then you too can join the artificial intelligence (AI) retail revolution. Not so fast. At one level it’s just that easy. Retailers can engage with an “AI lite” strategy that produces lookalike customer data and a level of predictive analytics. But the present and future of AI in retail is much richer. The smart retailing play with AI is to be patient and understand that these are early days for AI, especially with retail.