How the retail industry
is evolving
In today's retail space, customers demand that their expectations not only
be met but also exceeded. A fast, frictionless, and engaging omnichannel
experience at every step of the customer journey —before during, and after
purchasing—is now the norm. All areas of the retail industry, including
marketing, merchandising, and the supply chain, are evolving—retailers are
adapting to gain the competitive advantage by incorporating ecommerce
and digitalizing their brick-and-mortar environments.
Successful engagement with customers requires insights and automation.
These insights come from data and enable retailers to make critical
business decisions that help their organizations grow and scale efficiently.
However, legacy technology stacks are preventing retailers from accessing
much-needed customer insights. Without digital transformation, retail
businesses are being held back in an industry that is evolving rapidly.
To move forward, stay relevant, and become more effective at getting
consumers' attention and loyalty, retail businesses need to optimize
customer journeys and experiences. Amazon Web Services (AWS) provides
the deepest and broadest set of machine learning (ML) services to make
that happen. To fully understand their customers, retailers are overcoming
the limitations of legacy technology stacks and shifting toward ML. In fact,
by 2026, the global artificial intelligence (AI) market opportunity in retail is
expected to surpass $23B.¹
¹ "Market Research Report," Fortune Business Insights, September 2021
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