AI Outpaces Human Activity In 45% Of Businesses

As many as 45% of businesses say the AI deployments in their organization are greatly outpacing the accuracy and productivity of comparable human activity, according to a report from Infosys. In fact, 37% have removed positions that have become redundant post-AI deployment.

But while 85% of retailers and CPG brands are using AI to automate businesses processes, 62% admit they have difficulty finding qualified staff to lead integration of AI technologies.

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DXL Group Uses Data Analytics That Add Science To Decision Making

Destination XL Group has rolled out DynamicAction to unify its data across the digital business and arrive at actionable insights faster. DXL turned to the platform to help it discover the steps needed to create a customer-centric environment and drive higher sales and profits. With the data, insights and recommendations gathered from the platform, DXL can:

  • Create more opportunities for upselling and increase customer lifetime value and profitability;

  • Drive more full-price sales;

  • Break down inventory availability across channels; and

  • Prioritize business decisions more effectively.

As the retailer has continued to grow, Sahal Laher, the company’s Chief Digital Officer and CIO of Destination XL Group, realized that the company simply had too much data to analyze.

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49% Of Marketers Need IT Assistance At Least Once Per Week

Retail marketers are still struggling to control their digital channels and promotional technologies, with 49% needing to contact their organization’s IT department at least once a week to carry out their role effectively, according to a survey from Episerver.

A relatively small group, 15%, need to work with their IT department on marketing-related tasks on a daily basis. One in five respondents say that working with other departments is holding back their ability to drive change.

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RIC17: CIOs Must Move Beyond ‘Us Vs. Them’ During IT Transformation

Traditionally the Chief Information Officer has been charged with understanding and deploying IT and technology strategies across the retail enterprise. But the increasingly digital world has made technology a priority — and a challenge — for the entire organization. The CIO’s new responsibilities include battling an “us vs. them” mentality that still persists between IT and the rest of the organization.

Leading a panel discussion at the 2017 Retail Innovation Conference, held May 8-10 in New York City, Martha Heller, President of executive search firm Heller Search Associates, said retailers must evolve past such a mindset.

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Get Predictive: The Keys To Achieving Data-Driven Personalization And Pricing

As competition heats up, retailers must improve their ability to gather and analyze consumer data, then use the information to predict the shopper’s next move. And it appears the technology is catching on: the global predictive analytics market is expected to reach $10.95 billion by 2022, growing at an annual rate of 21% between 2016 and 2022.

Already, predictive analytics is delivering value by offering relevant product and content recommendations, personalizing email marketing strategies, monitoring in-store traffic and sales, and helping brands anticipate replenishment via intelligent merchandising.

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Retail Decision Makers Doubt Value Of Internal Data Reporting

Just 33% of retail decision makers report being extremely confident that their organization’s data reporting leads to a greater understanding of their users, according to a survey from PointSource.

Unfortunately, data reporting isn’t the only area where retail executives are apprehensive. For the most part, respondents said:

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Amazon’s Alexa Shines At CES 2017

Amazon didn’t take long to make a splash in 2017, with the e-Commerce giant grabbing tons of attention at the CES conference, held in Las Vegas Jan. 5-8. How did a retailer gain such a stronghold on one of the biggest consumer technology trade shows in the world? By showing that its AI-powered Alexa platform can integrate with just about any consumer electronics device.

The voice-controlled Alexa service, which powers Amazon’s smart home devices Echo and Echo Dot, is designed to assist in many industries outside of retail. Various influential technology brands camping out at CES 2017 already have integrated the Alexa solution into their solutions, including:

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NYC Juice Bar Determines Optimal New Locations Via AI Platform

0apuregreenExpansion can be difficult for businesses with a small footprint, especially when that footprint begins in the packed confines of New York City. But one juice bar, Pure Green, is gathering consumer data via artificial intelligence, to map growth outside of its four present locations: three in Manhattan and one in Brooklyn.

With the help of Genie, an AI-powered recommendation engine from Grey Jean Technologies, Pure Green can gather and analyze transaction and consumer data from its current stores to determine the best areas to set up new retail locations. Thus far, Pure Green already expects to open two more Manhattan stops in the near future — one in the East Village and another in Tribeca — with the ambitious goal of opening 30 locations by the end of 2017.

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Goodwill Uses Analytics To Discover Flaws In ‘Super Saturday’ Sales Strategies

While retailers often turn to discounts and sales to drum up consumer interest, a lack of data behind the decision-making process can limit these promotions’ revenue-generating benefits. With the help of analytics software provider Applied Predictive Technologies (APT), Goodwill of Greater Washington was able to identify the shortcomings of its “Super Saturday” sales promotions, which helped the organization craft more efficient campaigns in its Washington D.C. stores.

When local Goodwill locations began to hit downward trends in sales, particularly throughout the winter season, the retailer decided to launch “Super Saturday” sales designed to offset the losses and bring more consumers into the stores. But the retailer began to suspect that while the promotions were building store traffic, they might not be achieving the goal of improving revenues.

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