“As it navigates against a bevy of competitors this holiday season, Kohl’s is turning to machine learning to help it power through. The Menomonee Falls, Wisconsin-based retailer is working to incorporate artificial intelligence into its digital media buying
Kohl’s is not the only marketer leaning more heavily on AI. Earlier this year, Chase announced a five-year deal with Persado, a company that applies AI to marketing creative copy, following a successful three-year test.”
“Online shoppers in the United States spent $122.0 billion online in the 2018 holiday season, according to Internet Retailer research data, a 17.4% increase from the 2017 period.
planned to increase their investments compared with the last holiday season, 77% said social media marketing, 62% said retargeting and behavioral remarketing, 61% said email, 61% said search engine optimization, and 58% said paid search.
large retailers (those that generate at least $1 billion in total annual revenue) generated a 68% sales increase compared with a typical Monday and Tuesday this year. And smaller retailers, those with annual online sales below $5 million per year, grew their online sales 28% over the two days compared with a typical Monday and Tuesday period, according to Adobe Digital Insights.”
“Yet with SAP’s 2018 Digital Transformation Executive Study finding just 3 per cent of retailers have completed digital transformation projects, most of which focused on efficiency and cost cutting, there’s clearly still a long way to go before brands successfully harness digital for more disruptive innovation in the retail experience.
Again, however, only a small percentage of data is being used by retailers in decision making. While these organisations tend to collect as much data as they can, squirrelling away for future use, they’re still not able to ascertain its significance, Schneider agreed.
An example is Adidas in Russia, which used existing cameras plus RFID readers and RFID tags on garments and products to improve real-time inventory accuracy in its physical store from 60 per cent to 99 per cent. Adidas is now looking to rollout the approach globally.”