E-commerce has changed the face of retail. At the click of a button, customers can compare prices to a range of other suppliers. They can look overseas for cheaper options and find a variety of different styles that they like more. Customers of today are empowered, informed, and demanding. They expect the product they want, when they want it, at the best price.
This accessibility also gives retailers huge opportunities for engaging with their customers. The opportunities to up-sell and cross-sell, create personalised recommendations and develop a whole array of marketing strategies mean that the retailer who does this effectively can acquire a big chunk of market share.
AI and machine learning provide huge opportunities to transform shopper experience and create actionable strategies to improve the supply chain, leading to increased sales, increased efficiency and customer loyalty.