Evaluating AI for Retail Pricing - Mumbai

Artificial intelligence (AI) and machine learning have left the hype cycle and are now being embraced by more than just the leading companies across industries. Not only that, having these robust data science capabilities is often considered critical for any business to establish and maintain a competitive edge.

In late 2018, we conducted a study with Forrester and found that 76% of surveyed leaders in the retail industry – a particularly competitive sector – believed that having AI boosts the organization’s bottom line. AI-based technologies have gained even more importance in the time since that research took place, which means the case for AI and machine learning in the retail context has only strengthened.

The motivating factor behind the rise of AI and machine learning technologies has been the explosion of data available to businesses. A common phrase in the retail industry explains that “retail is detail”. The source of this expression may not be known, but it gets straight to the heart of why AI holds such undeniable power for retail pricing. Think of AI solutions as this: those that make use of data to identify decisions are likely to produce the most beneficial outcomes.