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Data monetization: driving the new competitive edge in retail

CGI

Data monetization: driving the new competitive edge in retail. Retailers are fully aware that their future relies largely on their ability to use data efficiently. However, in today’s dynamic and highly competitive retail sector, retailers need to accelerate their plans and commit resolutely to the path of data monetization.

Retail 96
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The customer experience evolution: Today’s data-driven, real-time discipline

IBM Big Data Hub

For example, McKinsey found that 50% of consumers reported they would switch brands if their preferred brand was unavailable due to shortages. How we arrived at this CX environment Early days of retail Before mass media, it was harder to know what other products were available outside of the ones offered by the local store.

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The most valuable AI use cases for business

IBM Big Data Hub

When thinking of artificial intelligence (AI) use cases, the question might be asked: What won’t AI be able to do? But right now, pure AI can be programmed for many tasks that require thought and intelligence , as long as that intelligence can be gathered digitally and used to train an AI system.

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Sustainability trends: 5 issues to watch in 2024

IBM Big Data Hub

2 For example, some are turning to software solutions that can more easily capture, manage and report ESG data. Retailers, particularly in the fashion industry, are increasingly embracing circular business models: rental and resale programs offer opportunities for growth, while repair services offer an alternative to landfill disposal.

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AI in commerce: Essential use cases for B2B and B2C

IBM Big Data Hub

Recent advancements in artificial intelligence (AI) are transforming commerce at an exponential pace. To take one example, AI-facilitated tools like voice navigation promise to upend the way users fundamentally interact with a system. Experience building strategies like these have been  used by online retailers for years.

B2C 59
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Anomaly detection in machine learning: Finding outliers for optimization of business functions

IBM Big Data Hub

For example, higher than average traffic on a website or application for a particular period can signal a cybersecurity threat, in which case you’d want a system that could automatically trigger fraud detection alerts. A machine learning model trained with labeled data will be able to detect outliers based on the examples it is given.

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Streamlining supply chain management: Strategies for the future

IBM Big Data Hub

A 2023 survey found that a third of businesses are using artificial intelligence (AI) to improve resource and supply chain planning, and more than a third said using digital tools for inventory management was the most effective strategy in cutting overall supply chain costs.