Machine learning in retail takes the industry beyond the basics of Big Data. For years now, we’ve been told that data is king and that it should be tapped for all decisions: what to stock, how much to buy, what products to suggest to repeat customers. But doing more with that data using machine learning is just what retailers need to really succeed in the current market.
A recent study by McKinsey found that U.S. retailer supply chain operations who have adopted data and analytics have seen up to a 19% increase in operating margin over the last five years. Data is clearly effective for retailers, but it’s all about putting it to work in the right areas and adding in predictive capabilities.
