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Machine Learning, Artificial Intelligence to Transform Retail

Machine Learning, Artificial Intelligence to Transform Retail

Machine Learning, Artificial Intelligence to Transform Retail
April 26
06:42 2018
Booking.com



Despite the off-putting headlines and the ongoing shuttering of physical store locations, fashion apparel retailers might have reason to be hopeful. New technologies continue to serve as a beacon of hope — and survival — for merchants and suppliers.
As chief scientist of JDA Software Group Inc.’s research and development team and supply chain innovation hub, Suresh Acharya described current conditions as “amazing times where new innovations” are coming out of research and are “capturing people’s imaginations.” Machine learning, artificial intelligence and predictive analytics is transforming retail. Here, Acharya shares his thoughts on the technologies that are shaping and disrupting the industry.
WWD: There is a lot of discussion in the market about how artificial intelligence and machine learning is transforming business processes. As these technologies become more available, how can retailers use it?
Suresh Acharya: Many people use AI and machine learning interchangeably, but they’re actually different. Machine learning is part of a larger AI ecosystem that overlaps with other areas of data science. For example, predictive analytics can give us insights about future results, while prescriptive analytics can tell us the decisions we need to make today so that we’re more likely to see results we want.
Today, we’re creating machine-learning algorithms to help retailers

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