What Does Artificial Intelligence Mean for the Multichannel Retailer?
Retailers are constantly talking about the future, but what technologies are going to take them there? When we think about innovations like chatbots, personalized product recommendations, dynamic pricing and programmatic display, there’s one common denominator. All four are great examples of how artificial intelligence can be a game-changer for a multichannel retailer.
Over the next three to five years, AI will play a significant role in the multichannel retail market. It will help differentiate the winning organizations, as well as determine which ones close their physical and digital doors.
This report for multichannel retailers explores the most important developments in the industry. AI features heavily, between next-generation search platforms such as voice and image and more sophisticated personalized experiences.
It’s easy to think of AI as a buzzword, but Sailthru’s Retail Personalization Index says otherwise. Based on a study of more than 13,000 consumers, we discovered that brands with the most sophisticated, personalized customer experiences have higher satisfaction and Net Promoter Scores, as well as higher retention. Using AI, machine learning and technology to highlight what makes the brand and their buyers unique is what sets apart retailers like Sephora, Nordstrom and MATCHESFASHION.COM.
Gartner predicts that global retail sector technology spending will grow 3.6% year-over-year to reach almost $203.6 billion this year. The research firm projects similar spending for the next two years as well, with the fastest-growing category being software. As consumer expectations for highly-connected experiences continue to increase, it’s critical for retailers to become versed in how to buy and apply AI — and quickly.
Download the report here for insights around AI and the multichannel retailer, as well as consumers’ evolving attitudes toward privacy and data, best-in-class examples of multichannel retail stores around the world, and more.