Each year, almost $3 trillion is generated online in global retail spending.
That’s almost 8 times the total economic value of the Philippines ($378 B)!
Most popular purchases are electronics, airline and events, shoes and food, and other commodity items. This opportunity is expanding rapidly as the global retail economy is now valued at $27 trillion.
The growing opportunity for retailers is driven by the digital lifestyle of consumers and the accessibility of online channels for retail enterprises.
Here are two common retail technologies used by brands today.
- AI-enabled Inventory ManagementAutomation and predictive analytics can help retailers forecast demand to better manage inventory levels. Order quantities can be identified to know which products to purchase and at which date or time.
Real-time notifications can be generated to alert the teams when to replenish a particular item for a given store.
Artificial intelligence can also build a smart, rule-based system to help retailers with pricing strategies. The optimal price can be obtained based on data such as cost triggers, gross margin targets, competitor pricing, among other variables. Also, promotional strategies can be created based on seasonal fluctuation of demand or turnover.
- Conversational CommerceConversational automation can help retailers by building a 24/7 digital channel to speak with audiences. Whether it is an internal communications channel for store employees or a customer facing channel for end shoppers, retailers can use messaging platforms such as Facebook Messenger to create automated conversations for different audiences.
Interested to learn more? Stay tuned for more topics on the future of retail.