As technology continues to evolve, consumer behavior does too — and retailers need to stay ahead of the curve. And using data is one way to make sure you stay ahead of trends and give customers products that solve their problems.
With the Internet creating more data than ever before, big data has become an industry buzzword. Big data typically refers to “data sets that are so voluminous and complex that traditional data processing application software are inadequate to deal with them,” and which used to be impossible for any but the largest, most technically savvy company to collect and analyze.
But simply gathering vast amounts of data alone isn’t particularly helpful. What is valuable is digging through all those numbers to find significant insights about trends, customer preferences, and even future predictions.
So, how are retailers actually utilizing the insights and data they gather? We’ve rounded up six examples of well-known brands that are using big data, artificial intelligence (AI), and machine learning to optimize their processes, anticipate their customer needs, and — in the case of one brand — even identify the early stages of pregnancy.
But before we get ahead of ourselves, let’s take a deeper look at the ins and outs of machine learning specifically and how retailers can leverage it in their business.