target audience: TECH BUYER Publication date: Nov 2022 - Document type: IDC Perspective - Doc Document number: # US45840120
An Intelligence-Driven Theory of Retail
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Abstract
This IDC Perspective covers the adoption journey of intelligent retail, the use cases, the methods and computational approaches, the benefits in decision making, the current state of retail artificial intelligence/machine learning (AI/ML) applications, and where AI will take retailers next. Along the way, we discover there is a method to the madness, and there is a theory to intelligent retail.
Intelligent retail is the next evolution of business intelligence for retailers. Driven by data, there is an unstoppable industry force to adopt AI solutions. The end goals, of course, are competitive business advantages that leverage data, support operations, and provide a view to intelligence-driven retail instead of whimsical strategies.
"Decision making is no longer just a human task, but now, machines are being trained to transform humans into superhumans, multiplying the business value of each and every decision. Efficiency, productivity, and profits become automatic with the introduction of intelligence. Intelligent retail, in its current state, offers a faster, stronger, better mousetrap. As intelligent retail grows, it will eliminate the mousetrap and introduce new ways of preventing mouse problems altogether," says Ananda Chakravarty, VP of Retail Insights at IDC.