The Centre for Advancing Retail & Technology (CART) released their 2016 Retail Innovation Report outlining the transformative technologies that have fueled innovation across the retail industry.
According to the report, 2016 was the year retail hit an inflection point where artificial intelligence (A.I.) and machine learning started to make a profound impact in retail marketing and merchandising. A.I. technologies will prove to be highly disruptive in retail where margins are thin and competition is fierce. A.I. solutions offer massive improvements in how retailer can use their data to make faster and smarter decisions to improve promotional and merchandising effectiveness and early adoptive retailers in this space will be rewarded.
As companies such as Amazon continue to grow expand their business, the application of A.I. technology in order to effectively compete becomes more critical especially for mid-market or regional grocers.
Looking ahead, 2017 will be the year of acceleration of this trend as the pace of innovation continues to grow and A.I. applications continue to revolutionize the retail landscape. Get a copy of the report here.