Retailers Ready To Fork Out Big Coin For AI Tech

According to the “Building Lasting Consumer Relationships in Retail" report by WBR Digital and Persado, the majority of respondents (47%) are looking to spend up to $50 million on artificial intelligence (AI), while a quarter are budgeting as much as $100 million. For marketing leaders surveyed, effective customer engagement is expected to be the primary benefit of implementing AI, where “engagement” is considered foremost as a driver of revenue (37%) and to a much lesser extent, brand awareness (13%).

 

Retail marketers look to improve engagement by providing more relevant experiences but continue to struggle with personalization. On a scale of 0 to 4, with 0 as least effective and 4 as most effective, marketers find that they could do a better job with personalization techniques: tailoring product recommendations (2.85); segmentation (2.53); offer personalization (2.49); and personalizing content (2.13).

Free Monthly Newsletter

Compelling read? Subscribe to FierceEmbeddedTech!

The embedded tech sector runs the market’s trends. FierceEmbeddedTech subscribers rely on our suite of newsletters as their must-read source for the latest news, developments and analysis impacting their world. Sign up today to get news and updates delivered to your inbox and read on the go.

 

Even with an onslaught of tech innovation giving retailer marketers deeper insight into what motivates audiences on a personal and emotional level, their ability to activate this insight is stunted. For example, only 22% of respondents believe they are skilled at applying emotion to content. Furthermore, retailers’ personalization techniques are typically limited to the basics of demographic and location data.

 

You can read more about the report and/or download a full copy.

Suggested Articles

Samsung Electronics Co., Ltd., has added several software enhancements to its PCIe Gen4 solid state drive (SSD) series, improving SSD performance.

New Western Digital cards are built on 3D NAND

The technology and business issues of hybrid and electric vehicles will be open for debate at the Electric and Hybrid Vehicle Technology Expo and Battery Show…