How Retailers Can Leverage Big Data and AI for Consumer Intelligence

Retailers across the globe are gaining a competitive edge on their competition through the use of big data and Artificial Intelligence (AI). It’s no secret that in today’s e-commerce world when a customer decides to visit a retailer, they expect excellent service and a positive experience. If stores don’t meet these expectations, customers move onto the next retailer.

The retail industry as a whole has gained momentum in recent years and growth is expected to continue in the near future. While its true that some retailers have had to close their doors, many more have discovered success thanks to advancements in technology, automation and targeting, among other things.

Benefits of Big Data in Retail

In the past, retailers had to make assumptions about what products and experiences their customers wanted. But now, that guesswork has been removed thanks to an abundance of consumer data and AI processes within digital ecosystems.

Retailers that choose to make investments in big data and AI techniques have gained new insights into ways to:

• Best reach and engage current and potential new customers
• Build a more personalized shopping experience for improved satisfaction
• Better understand purchase behavior (both in-store and offline) with location analytics
• Increase customer acquisition and retention rates
• Improve internal operations and supply chains

Through accurate data insights from deep learning, text mining, customer lifetime value scores, and look-alike modeling, decision-making and operations across departments can be optimized to run more efficiently and effectively.

Learn More: 7 Trends in Consumer Intelligence Analytics

How Retail Companies Can Get Started With AI

It might seem easier for more prominent companies to use resources that take full advantage of big data and AI in retail. But, for small and medium-sized companies, the barrier for entry is lower than ever before. 

Through partnerships with third-party consumer intelligence vendors like Mobilewalla, retailers have an opportunity to gain a competitive edge over their competition.

Mobilewalla leverages big data and AI techniques to deliver unparalleled consumer intelligence insights across a variety of industries including:

• Retail and E-commerce
• Quick Service Restaurants & Dining
• Telco and Consumer Technology
• Commercial Real Estate
• Market Research and Consulting

Our deep data and rich audience insights help retailers identify new customers, understand competitive behavior, improve marketing performance, keep pace with changing consumer dynamics, and increase the value of current core offerings.

With a vast data repository, containing over 1.5 billion devices across more than 30 countries, we offer the most comprehensive consumer behavior and demographic data in the digital marketing ecosystem.

To learn more about leveraging big data and AI to extract consumer intelligence insight for smarter decision-making, connect with a data expert at Mobilewalla today.