AI for the Enterprise

How cognitive computing will revolutionize the retail industry

Share this post:

Key Points:
– Cognitive computing is already redefining the retail industry worldwide
– Opportunities for cognitive insight in the retail industry will continue to grow in the near future
– 91% of retail executives familiar with cognitive computing believe it will play a disruptive role in their organization

Engaging with tomorrow’s shopper

 

(The full version of this post was originally published on In the Making.)

Cognitive computing is all the buzz these days, and it is expected to make a huge impact on the retail industry. Consider the following stats from IBM Institute for Business Value’s recent report, Thinking like a customer:

  • 91% of retail executives familiar with cognitive computing believe it will play a disruptive role in their organization
  • 94% intend to invest in it

Given these numbers, there’s no doubt we can expect to see some interesting applications of cognitive technology in retail.

As technology has become increasingly integrated into retail models, customer expectations have been ever-growing. Providing an omnichannel experience is now just a basic minimum capability for retailers; companies that really want to stand out have to leverage the power of digital technology and cognitive insight to offer a more personalized user experience.

In this environment, retailers have to quickly adopt technologies that can help them take full advantage of their available data—and cognitive systems can do just that.

Cognitive Computing is already at work in retail

Let me give you a few examples of where we are beginning to see cognitive computing applications in retail:

Utilizing weather data: Imagine the power of combining shopper history, location information and buying trends with weather data. The combination of these insights is powerful in helping retailers to maintain optimal inventory levels to meet targeted customer needs—for example, sending a mobile notification of a sale on umbrellas just as a customer is approaching a retail shop on a day when rain is expected.

Accessing insights from mobile payments: In some parts of the world, the use of mobile payments has become a primary form of doing transactions. With customers using smartphones for a majority of transactions, retailers can gain access to additional data and insights on spending trends and shopper history. They can work with ecosystem partners to deliver the personalized experiences retail customers want—such as offering a mobile payment option for the convenience of a customer who is making a purchase while on the go.

Opportunities for cognitive insight in the retail industry will no doubt continue to grow in the near future. All of these opportunities are made possible through the use of cloud-based services and powerful analytics tools with cognitive capabilities.

To learn more about succeeding in the retail industry with cognitive, read the full version of this blog post on the IBM Systems blog “In the Making” and check out the Institute for Business Value report “Ready to engage with tomorrow’s shopper?

How you can get started

IT infrastructure solutions are the foundation for cognitive computing. Our global team at IBM Systems Lab Services is helping clients to design, build and deliver cutting-edge solutions for the cognitive era, using their proven expertise and the best of IBM technology. Learn more about how we can help with your retail organization’s digital transformation.

(The full version of this post was originally published on In the Making.)

Manager - World Wide Business Development, IBM Systems Lab Services

More AI for the Enterprise stories
October 22, 2018

What did your business learn last night? 3 ways Watson AI enables employees to work at the speed of data, and do more interesting work

The world is not the same place in the morning when you get to work as it was yesterday when you left, but if you have a reliable AI solution, you can turn confusion into insight. Data is growing at a rate faster than ever, and it’s difficult for our human brains to keep up […]

Continue reading

October 15, 2018

IBM AI OpenScale: Operate and automate AI with trust

AI OpenScale allows businesses to operate and automate AI at scale – irrespective of how the AI was built and where it runs. Bridging the gap between the teams that operate AI and those that manage business applications, AI OpenScale provides businesses with confidence in AI decisions.

Continue reading

October 11, 2018

Watson services now available on-premises

IBM now extends our leadership in data stewardship and privacy by announcing Watson Assistant and Watson Speech to Text services as available on IBM Cloud Private. This announcement extends Watson’s commitment to extending our capabilities across the public and private clouds.

Continue reading