As reported by Juniper Research, global retail spending on AI is expected to reach $7.3 billion annually by 2022. However, a survey by Sloan Management Review and the Boston Consulting Group found fewer than 40% of companies who have invested in AI had seen business gains from it in the previous three years. So how can retailers make the most of their AI investment?
With the acceleration of digitalization and adoption towards digitization, retailers are learning quickly that their future depends on how they can leverage technology. But for an industry that’s been slower to adopt, retailers have entered uncharted territories on exactly how to get the most out of its retail AI.
Based on his co-authored article in the Harvard Business Review called “Why you aren’t getting more from your marketing AI”, Michael Ross, EDITED’s SVP of Retail Sciences, joins the podcast to share his knowledge of how companies need to use AI to see true value. With an extensive background in retail and technology, Michael is a leader in the industry as the former Co-Founder of both figleaves.com and DynamicAction, a leading retail analytics and AI company recently acquired by EDITED, as well as a non-executive Director of Sainsbury’s Bank and N.Brown. With today’s uncertainty in the retail landscape, Michael shares insight into the business opportunities retailers can get from their AI by simply asking the right questions.
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