How Retailers Are Using Tech for Competitive Advantage

Retail is a highly competitive business that increasingly uses technology to improve customer satisfaction and efficiency of internal processes. Robots, AI, data analytics, and more are enabling retailers to work smarter and faster, but their efforts aren’t perfect yet as evidenced by the amount of clearance and destroyed inventory that previous solutions were supposed to help avoid.  

“Emerging technologies like AI-powered customer support, automation, and real-time data analytics have become game changers for retailers,” says Tim Peters, CMO at omnichannel customer experience solutions provider Enghouse Systems.  

There’s also a positive impact on customer experience and loyalty when tech makes things run smoother and faster. 

“As customers increasingly expect personalized experiences, emerging technologies like AI and machine learning allow retailers to predict customer preferences and deliver personalized recommendations,” Peters says. “A study by Salesforce found that 60% of consumers expect personalized experiences based on their past behavior. These technologies help retailers anticipate customer needs and improve loyalty by making the shopping experience more engaging and intuitive.” 

Read the full story from IoT World Today’s sister publication InformationWeek.

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