Cognitive computing is all the buzz these days, and it is expected to make a huge impact on the retail industry. Consider the following stats from IBM Institute for Business Value’s recent report, Thinking like a customer:
-91% of retail executives familiar with cognitive computing believe it will play a disruptive role in their organization
-94% intend to invest in it
Given these numbers, there’s no doubt we can expect to see some interesting applications of cognitive technology in retail.
As technology has become increasingly integrated into retail models, customer expectations have been ever-growing. Providing an omnichannel experience is now just a basic minimum capability for retailers; companies that really want to stand out have to leverage the power of digital technology and cognitive insight to offer a more personalized user experience.
In this environment, retailers have to quickly adopt technologies that can help them take full advantage of their available data—and cognitive systems can do just that.
Cognitive Computing is already at work in retail
Let me give you a few examples of where we are beginning to see cognitive computing applications in retail:
Utilizing weather data: Imagine the power of combining shopper history, location information and buying trends with weather data. The combination of these insights is powerful in helping retailers to maintain optimal inventory levels to meet targeted customer needs—for example, sending a mobile notification of a sale on umbrellas just as a customer is approaching a retail shop on a day when rain is expected.
Accessing insights from mobile payments: In some parts of the world, the use of mobile payments has become a primary form of doing transactions. With customers using smartphones for a majority of transactions, retailers can gain access to additional data and insights on spending trends and shopper history. They can work with ecosystem partners to deliver the personalized experiences retail customers want—such as offering a mobile payment option for the convenience of a customer who is making a purchase while on the go.
Opportunities for cognitive insight in the retail industry will no doubt continue to grow in the near future. All of these opportunities are made possible through the use of cloud-based services and powerful analytics tools with cognitive capabilities.
To learn more about succeeding in the retail industry with cognitive, read the full version of this blog post on the IBM Systems blog “In the Making” and check out the Institute for Business Value report “Ready to engage with tomorrow’s shopper?”
Feel free to contact E-SPIN for the various technology solution that can facilitate your cognitive computing infrastructure availability and security monitoring.