Digital Transformation is Driving the Retail Industry in South America: Physical Stores
The retail industry is being redefined with artificial intelligence and machine learning after the digital transformation, and this transformation has many effects beyond the reality of Covid–19. While retail-specific surveys conducted through many companies describe a landscape that can be fraught with challenges, it also presents significant opportunities for brands and stores that have the know-how and where to implement next-generation technologies. Furthermore, the report, which emerged as a result of the researches, reflects that many retail and technology professionals are rapidly adopting technologies that are suddenly forced to adapt in the sector due to the pandemic. At this point, the cloud and artificial intelligence used in the new digital transformation path are starting to prepare the retail industry for the new normal.
In this respect, the current Covid–19 pandemic has accelerated the timeline for developing flexible operating models supported from cloud infrastructure to artificial intelligence and machine learning technologies. In this context, the report revealed that artificial intelligence and machine learning could have a high value for retailers, including fashion, accessories, care, and other categories. In the retail industry, artificial intelligence is often centered around the most polished and consumer-facing areas. Here, personalized product recommendations and augmented or virtual reality technologies were brought to the fore. These increasingly essential technologies have become just one piece of a much deeper puzzle that stretches foreground and background. With this technology, which has a vast scope, certain features were gained in customer acquisition and retention, merchandising, sales and diversification, product life cycle management, logistics, and fulfillment. In this respect, artificial intelligence and machine learning are empowering retail services and other critical features while helping companies recognize essential patterns often overlooked by traditional analytics. Recognizing these vital points agile, companies improved their product recommendations and revenue thanks to artificial intelligence recommendations.
In addition, many brands and retailers that rely on cloud services have focused on a specific area during the Covid–19 outbreak. This area was, of course, “productivity.” In the process, retailers focused on cutting costs and recovering reduced revenue while stores were closed. At this point, companies first needed to accelerate their transition to the cloud and their modernization efforts. As a result, businesses that move their data to the cloud have started to save money. In addition to reducing efficiency and cost, companies in the retail sector have begun to seek deeper customer connections and platform initiatives. This trend has allowed retailers to put a lot of effort into personalization and forecasting to understand their customers better. From this point of view, artificial intelligence has brought a broader perspective to this field and has emphasized important issues, personalizing the customer portfolio and covering elements such as 360° customers.
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