How AI helps retailers thrive? Read our imperatives for 2020

Physical stores vs. online. Having just the right inventory (which, of course, means having stellar forecasting ability), getting personal and generating the right promotions that prove you understand your customer. All of these things are critical for retailers today. But how do you stay relevant when half of the Fortune 500 has disappeared in the last decade? We believe that the smart and decisive use of AI in retail is the answer.

Why AI?

Before you act in an informed manner, you must identify patterns and anomalies in your (exponentially growing) data resource – and from them – glean insights that help meet and exceed the heightened customer expectations around everything your business does that is apparent to them. But with all of our sophistication and ability to learn, humans simply can’t normalize and analyze data as well as computers. It’s a fact that isn’t going away. And it’s a good thing.

Retail disruption and the need for retailers and suppliers to evolve

As a retailer or CPG, if you’re not fully accepting of disruption as the new way of life, I’d encourage you to reconsider. From the work we’ve done in the last year with hundreds of retailers and CPGs around the world — and as we consider the coming year in retail — Symphony RetailAI has put together a guide that explores some of the forces driving retail disruption and we show some of the ways retailers and suppliers will continue to evolve to meet the demands of the modern shopper – and thrive in the future.

There are “five-to-thrive” retail imperatives for 2020

1.    Physical stores must become experiential – For example, Albertsons recently opened a next-gen store that offers live music, cooking classes, catering services, a food court, and a wine cellar.

2.    Promotions must become personalized – Fact: forty percent of revenue comes from promotions - yet 30-40% of those promotions are ineffective.

3, 4 and 5? I hope I’ve tempted you to learn more -  Download our guide, Survive or Thrive: Five Must-read Imperatives for 2020.