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Retail Artificial Intelligence

Unleash the power of AI in retail

July 27, 2021

2-MINUTE READ

In brief

  • Retailers who continually and responsibly reset the business will thrive in a world that’s changing fast.
  • To keep up with changing consumer behaviors, market trends and competitive dynamics, retailers need to be truly data-driven.
  • Many retailers are data-rich but insights-poor due to functional silos that make it difficult to get enterprise-wide data insights.
  • ai.RETAIL is a solution for retailers to become data-driven faster by bringing strategy, artificial intelligence (AI) and technology together.

Resetting retail requires insight

From consumer behaviors and market trends to competitive dynamics and the economic outlook, today’s reality is unlikely to be tomorrow’s. To help navigate, retailers need be truly data-driven organizations—unleashing data as a strategic asset to improve customer experience, innovation, operations and growth.

Holistic retail thinking, modularly applied

As critical as a data strategy is for retailers, it has to be backed by execution muscle to deliver the business outcomes that retailers need to compete. That’s why we brought together the best of our retail experts, data scientists and technology ecosystem partners to develop a breakthrough tool called ai.RETAIL.

Ai.RETAIL is a data and AI solution that connects strategy to execution—not just within discrete functional areas but across the business to help retailers become data-driven faster. It provides holistic view of data and actionable insight that retailers crave.

Data-driven reinvention starts at the top of the organization with a strategy led by the CEO that combines technology investments and business-led change.

ai.RETAIL provides a real-time view of data across the retail business:

  • Customer segmentation
  • Price and promotion optimization
  • Real-time personalization
  • Assortment optimization
  • Supply chain control tower
  • Demand sensing and forecasting
  • Inventory optimization
  • Risk management

Five steps to become a data-driven retailer

Data-driven retailers don’t just have data. They continually unlock value from it to drive the business forward.

ai.RETAIL helps retailers become data-driven through five key steps:

01 Total visibility

Create a single version of the truth that’s accessible to all functional leaders offering a fully integrated view of internal and external data.

02 Customer centricity

Put the customer at the center of the business and make more informed decisions to drive top-line growth and margin expansion.

03 Bias for action

Turn data into responsible actions with an iterative, test-and-learn approach to continuously validate the overall strategy prior to scaling it.

04 Data-savvy workforce

Empower people with data confidence by bringing together employees with different skills and priorities to adopt and trust AI.

05 New business models

Unlock data as a competitive set to generate new revenue streams and identify potential acquisitions.

That’s how retail leaders can work together at the speed of change—delivering for customers and staying ahead of the competition. It’s possible with ai.RETAIL.

About the Authors

BEN DUNNE

Business Strategy Senior Manager

ANOOP GOPINATHA

Global Retail Product Lead – Applied Intelligence

Related capabilities

Retail consulting

How does retail move from uncertainty to resiliency? Adaptive Retail—new climates, expectations, ways of working.

ai.RETAIL

Drive profitable growth by putting your most loyal customers at the heart of every business decision.
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