Tech Talks gets granular by analyzing the subject of microdecisons and how tech savvy brands are using them for maximum impact.
Merchandisers used to be responsible for a few hundred decisions every week. But with technology now allowing consumers unparalleled power at the click of their smartphone, from scanning products for personalized promotions, seeking out similar styles at other retailers or simply comparing prices, the game has changed.
What does it mean for a brand to go from setting business strategy from numbers on spreadsheets to allowing machine learning to help them make sense of millions of data points to drive sales and customer engagement?
In this episode of Tech Talks, EDITED's Senior Vice President of Retail Science, Michael Ross, and John Squire, Founder of Dynamic Action join host Grace Hill to discuss retail's new reality when it comes to decision making and how AI and analytics have once again asked retailers to pivot from their comfort zones into a world where customers have more information than ever to make their own decisions.
Notable Quotable: "Decisions are not created equal. Customers are not created equal. But when you look at the types of decisions that retailers are making, I would characterize decisions on a few different dimensions. How real time are they? Is this a decision that's possible for a human to intervene or is it a decision that has to be automated?" - Michael Ross
Michael Ross is the Senior Vice President of Retail Science at EDITED, Co-Founder of DynamicAction and an Executive Fellow at the London Business School.
John Squire is the President and Chief Strategy Officer at EDITED, Co-Founder of DynamicAction and a member of the NRF Digital Council.
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