AI could become your personal shopper | VentureBeat

7. Setting the right price

Big data tools like Incompetitor help retailers maintain a competitive pricing strategy by combining AI and machine learning. Retailers integrate this API into a brand’s data so a rule-based engine can optimize prices based on real-time external factors, like inventory, competitors’ out-of-stock situations, and discounts. This integration allows retailers to optimize their prices. For example, AI technologies can be implemented to help retailers make sure they always sell a specific item for 10 percent less than Amazon.

The future of fashion

AI-driven tools help retailers gain a deep understanding of each shopper as a unique individual. They help retail companies identify a shopper’s size, preferred styles, colors, and price points. AI takes this combination of data and translates it into real-time intelligence that reflects product recommendations at prices that make the shopper more likely to add them to their cart. This deep consumer knowledge, matched with relevant products and affordable pricing, helps the shopper feel understood and more willing to buy.

Fashion companies should be injecting artificial intelligence into their business strategies to avoid falling behind during this period of digital transformation. Integrating advanced technologies helps the brands, retailers, and consumers all at once. AI simplifies retail data, which helps companies improve their processes and keeps shoppers happy, loyal, and most importantly, chic.

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AI could become your personal shopper | VentureBeat.