How AI can help retailers ensure The Price is Right

The discussion around AI in retail is endless, but it isn’t just talk anymore: AI is here. Its presence, while new, is undeniable and is progressively changing retail forever. According to WBR Insights, more than half (57%) of retailers intend to invest in AI over the next five years to solve logistical problems and improve the customer experience. Clearly, if your competitors aren’t using AI already, then they will be shortly. Companies can no longer rely on seasonality and historical data to be successful. This new approach is geared around precision and accuracy that only AI and machine learning provide. These new technologies, coupled with the Internet of Things (IoT) and insightful data, are creating improved customer experiences and increasing the competitive bar. However, when it comes to the retail battlefield, nothing is more important than price, so retailers who are able to use AI to gain an edge in this area will be putting themselves at a huge advantage.