Next-Level Retail Personalization
Leveraging data, AI, and emerging opportunities in generative AI will be the key to helping retailers’ distance themselves from competitors by unlocking more intelligent inventory management, intuitive pricing strategies, and fulfilling guest experiences through personalization. For example, right now, product suggestions are often built on past purchases and ‘like’ products. But what if they were based on combining all attributes of the customer’s journey and grounded in available inventory. For example, not just suggesting a type of sweater, but a sweater in a color and fit tailored to what the customer would want – and is available for same-day delivery to the customer’s home. This scenario is achievable today, but retailers’ data remains heavily siloed across platforms and applications. This level of personalization can only be attained if the data is accessible through a single source that can be constantly analyzed and used to securely train data models. This is how retailers will more effectively compete in the experience economy.
Vice President, Oracle Retail
The Personalization Advantage