While the age of the internet began in the last millennium, the ecommerce boom is just reaching its peak. Online retail behemoths like Amazon are easing the shopping process by making products just one click away. Today’s shopping experience can take place anywhere, anytime, even while waiting for coffee or picking up the kids from soccer practice. The time for retailers to adapt is now.
In 2017, 7,000 retail businesses had to cease operations, and 3,800 retail stores have already announced plans to shut their doors in 2018. Without a new strategy in place, retailers risk becoming victims of the “retail apocalypse.”
To survive, retailers must have the right technology in place to derive the right insights. Retailers spend billions of dollars looking for insights, but without analyzing the full network of data, findings will remain fuzzy and incomplete. One way retailers can attempt to keep up with today’s ecommerce giants is to deploy AI, big data analysis, and other emerging technologies to improve customer experiences.