As we’ve previously discussed on Retail Technology Insider, the benefits of big data to retailers know no bounds. In this week’s retail news roundup, we highlight industry leaders that are fueling the fire of big data by investing more resources in data-driven technology, creating tools that make leveraging the power of big data easier, and how new technologies are shaping future big data opportunities.
Read more about these industry headlines below:
Study: 86% of CMOs Plan to Invest in AI, Machine Learning
Not dissimilar to what we’ve heard from other experts on RTI, companies are investing in AI and machine learning solutions to better understand their customer. A recent study from Persado noted that 86 percent of CMOs plan to invest in AI this year and nearly 75 percent plan to drop at least $50 million on the technology. Retail leaders are hoping to make a more emotional connection with customers by gathering data beyond the industry standard of location and demographic.
Read the whole story here.
Pitney Bowes Included as a Leader in Master Data Management
MDM Institute Chief Research Director Aaron Zornes shared his list of top product providers in the master data management space at the recent MDM and Data Governance Summit in San Francisco. The Pitney Bowes Customer Information Management system was included among the top 30 master data management products. Pitney Bowes’ solution enables its users to manage their customer data and create a single view of the customer and anticipate their preferences.
Read the whole story here.
Report: IoT Tech May Triple in Use by 2022
A recent report from Mobile Experts indicates that devices connected to the Internet of Things (IoT) could triple in production by 2022, with retailers shipping as much as $70 million worth of devices in the next five years. The increase will likely add to a valuable layer of customer data and empower retailers to further personalize shopping experiences for their customers.
Read the whole story here.
Blockchain and Retail: Four Opportunities
Retail industry influencer Nikki Baird explains the opportunities that lie ahead for retailers with blockchain technology. Baird urges retailers to look beyond IoT and big data to see how blockchain can really affect the industry. She cites specifically that blockchain opens up opportunities in consumer payments, product authenticity, B2B payments, and digital advertising.
Read the whole story here.
