Industry News Details

How big data and AI help online retailers compete in the digital era Posted on : Aug 14 - 2019

Personalized data offers e-commerce yet another advantage over brick-and-mortar retail stores.

As brick-and-mortar retailers continue to struggle against online competitors, some are seeking out services that leverage big data and personalization to increase e-commerce sales.

Indeed, 72% of retailers reported that AI will be a "competitive necessity" in the next five years, according to a recent Oxford Economics survey.

One such tech option for retailers looking to fight off the competition is uSizy, a recommendation technology for fashion apparel and footwear businesses, which unveiled its latest product, uSizy Smart Business, on Wednesday. The product allows retailers to access personalized analytics to make data-driven decisions to improve sales, returns, stock, logistics, and pricing.

Returns and stock breaks are among the largest challenges for retailers seeking to maximize sales: In the US, retail delivers will cost $550 billion by 2020, more than 75% higher than in 2016, according to Statista.

USizy—which currently works with over 315 global brands, including Nike, Calvin Klein, and Tommy Hilfiger—helps retailers learn how much money they are losing when certain sizes are out of stock. Using the product, companies have seen on average a 20% boost in conversion rates, a 25% drop in returns rates, and a 3% jump in customer loyalty.

The Smart Business service predicts products that have a high chance of being returned, as well as the sizes and products that should be priced higher or lower. It can also recommend sizes using machine learning algorithms, and manage stock supply and logistics, according to a press release. View More