How AI Is Changing Retail Marketing
Digital transformation has touched every industry and changed how we understand marketing and selling. With e-commerce at the forefront of our spending habits — in 2020, a $4.28 trillion habit (subscription required) — business and marketing strategy must also transform to accommodate this change. Because of this, I believe artificial intelligence (AI) is the next phase in digital transformation. Many companies are still discovering the practical uses of AI and how it can transform their industries. McKinsey surveyed multiple industries to determine AI adoption across the world in 2020. According to the firm’s findings, artificial intelligence is most used in “product- or service-development and service-operations functions.” In marketing and sales, AI is most commonly adopted in customer-service analytics (17%) and customer segmentation (14%). In other industries, like supply chain management, AI accounts for 9% of logistics-network optimization and 9% of the inventory and parts optimization. Read more at Newsweek.
