Retailers Look to AI to Attract Customers, Drive Profit
To attract customers and drive profits, retailers are planning to make large investments in artificial intelligence and machine learning, according to a joint study conducted by WBR Digital and Persado.
WBR Digital, a marketing agency, and Persado, a content provider, surveyed 100 marketing retail leaders and found that more than 86 percent planned to invest in artificial intelligence or machine-learning solutions in 2017, with some budgeting as much as $100 million.
According to the study “Building Lasting Consumer Relationships in Retail,” retail marketers want to use machine learning to create more emotional appeals to their audiences, and create a lasting and engaging experience. By increasing customer engagement, retailers hope to drive growth.
“Sixty percent of the lift we see in campaign performance relates to the way marketers connect emotionally with customers. I believe that emotional connection is particularly acute in moments that matter,” said Ryan Deutsch, senior vice president of global customer success at Persado.
Hikvision integrates machine learning into its Smart Pro IP solutions including dome cameras, Smart Analytics, such as line crossing and entrance detection, and its DeepInMind NVR that eliminates false detection of non-human objects. Hikvision Smart solutions help retailers improve business analytics and conversion rates.
Best Buy, Marks and Spencer, Williams-Sonoma, Urban Outfitters, Nordstrom and other popular US and Canada-based retailers participated in the study.