The digital transformation of the retail industry has been going on for years. It has increased speed, efficiency, and accuracy across every branch of retail business, thanks in large part to advanced data and predictive analytics systems that are helping companies make data-driven business decisions.

None of those insights would be possible without the internet of things (IoT), and most importantly, artificial intelligence. AI in retail has empowered businesses with high-level data and information that is leveraged into improved retail operations and new business opportunities.

In this week’s podcast episode, Felipe speaks with Aaron Pratt. AI & Advanced Analytics Lead at Country Road Group.

Aaron is currently the AI & Advanced Analytics Manager at Country Road Group and David Jones.

He loves to uncover what it is that makes customers tick, and strives to use his data science expertise to provide the best possible customer experience to them. Having started his career life as a Games Designer with very strong mathematical prowess in the Gaming Industry, he quickly came up with a range of creative ideas based on a range of statistical models.

This has led to a variety of AI use-cases, from facial recognition time-carding to fraud detection to omnichannel personalization, now implemented throughout a number of different retailers.

Quotes:

• NPS is probably one of the key things that we, amongst many other organisations to start to understand sort of customer sentiment.
• Definition for price optimization. Basically, if you're selling a product, the one thing that you can control is the price point they sell it at. So if you're selling, say a jumper, or a T-shirt, or like whatever you're selling, the price point directly, is impacting the demand for that product.
• So the demand for the online like, when we went through COVID, I'm sure we weren't the only ones. But online just went absolutely through the roof.
• I think AI, relies on the BI to be right. Most of the time. So if you're wanting to get AI really embedded correctly, you need to make sure that you have your BI completely sorted out.

Thanks to our sponsor:

Talent Insights Group

Read the full episode summary here: Ep 153

Enjoy the show!