The below infographic, Machine Learning in the Retail Sector, presents a broad overview of the topic. It begins with simple explanations of artificial intelligence and machine learning. Basically, artificial intelligence is the development of computer systems that can perform tasks that we normally think of as requiring human traits. For example, AI applications use visual perception, speech recognition, language translation and decision-making tools to analyze and solve problems, speed up processes and even learn.
ML can help attract new customers. Based on current customer profiles, machine learning helps to expand the customer base by identifying consumers who share many of the characteristics of the business’s most profitable customers and targeting ads and promotions to these prospects.
It is likely that even more benefits will be found in the future. Isn’t it time to take advantage of all the data that’s out there now by jumping on the ML bandwagon?
Graphic created by Aptitive.