The Advantages of Leveraging AI Tech in Retail Marketing

By Lainey Bukowiec | Wylei Inc.

Under pressure by the rise of e-commerce, retailers must embrace new, innovative strategies to drive business. According to IDC Retail Insights’ list of 10 retail predictions, 40% of retailers will adopt a customer experience architecture supported by artificial intelligence to increase personalization of advertisements and provide conversion and revenue increases.

Among others, the advantages of relying on AI tools include automating marketing platforms and generating timely and relevant offers for potential buyers. AI has also been particularly useful in optimizing pricing and discounting plans, as well as demand forecasting.

Marketers are not taking the potential of AI lightly. According to a study from Juniper Research, global retailer spending on AI will jump from an estimated $2 billion in 2018 to $7.3 billion per annum by 2022. In the face of retail uncertainty, it is a good idea to stay ahead of the industry by adopting a strategy that includes AI-driven technology as soon as possible.