In today’s digital age, technology is changing the way we shop. One of the more exciting developments is machine learning, a.k.a. computers learning from data and making predictions without being explicitly programmed. But what does this mean for the shopper? This interesting topic came to us from BizTech in their article, “3 Ways Machine Learning Is Changing Retail for the Better.”
We are already aware that online retail sites seem to know exactly what we want to buy and that’s because they’re using machine learning algorithms to analyze the browsing history, past purchases and even our interactions on the site. Based on this information, they make personalized recommendations tailored to our preferences.
One area that might be less known is dynamic pricing. Have you ever noticed that prices on some online shopping sites seem to change from one day to the next? That’s because retailers are using machine learning algorithms to adjust prices dynamically based on factors like demand, competitor pricing and even our browsing history. This dynamic pricing strategy allows retailers to stay competitive while maximizing profits, but it also means we see different prices for the same item depending on when and where we’re shopping.
As machine learning continues to evolve, its impact on retail is expected to grow even more significant, driving innovation and transforming the way we shop and do business.
Melody K. Smith
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