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With Big Data Analytics and Artificial Intelligence tools, the retail industry is changing its approaches to various facets of its operation. While the big brands are the leaders in trying out many innovative technologies, even small retail businesses are investing in these to reap the potential benefits.
Big Data and AI
Big Data enables business organizations to gain deeper insights into customer behavior, their preferences and expectations, competitor strategies. Retailers can better understand product movement and merchandise assortment needs. They can optimize pricing dynamically depending on various elements using price optimization software.
Artificial Intelligence integrates many technologies like voice recognition, machine learning, IoT, robotics etc., to provide an enhanced customer experience.
Big Data Analytics
Big Data Analytics enables retail firms to gather data from varying sources and mine them to extract nuggets of information. These can then help them gain better perspectives on various aspects of