Technological innovation has propelled retailers around the world to the next stage of intelligent automation. Key trends include predictive analytics, algorithmic marketing, promotion and pricing optimization using AI technologies.
From now on, the main advantage of the retailer in the struggle for customers is data, machine learning models and artificial intelligence. Businesses that analyze data to study customer habits and feedback have learned to predict trends and consumer demand, and 40% of retail chains that use AI technologies adapt prices and special offers in real time. *
Today’s marketing teams can predict consumer behavior, identify effective purchase incentives, and reapply them. ML models help to form, test and launch effective promotions, as well as take into account the elasticity of commodity prices to maximize the economic effect.
By analyzing various parameters – holidays, seasons, weather conditions, prices and promotions of competitors, car traffic and even epidemiological seasonality – the algorithms predict and recommend the winning price of the product, and also help to better prepare for changes in consumer demand.
On March 31, join the Demand forecast and price and promo optimization in retail with AI & ML technologies webinar and find out how technologies can help you predict consumer demand for goods, implement smart pricing and optimize promotional campaigns to grow business margins.