Sainsbury’s in the UK is developing a machine learning solution in partnership with Accenture to spot shopper trends and optimize inventory. The solution relies on real-time data from multiple structured and unstructured sources, and uses the Google Cloud analytics tool to classify the data and generate insights into shopper behaviors. This will allow Sainsbury’s to identify trends faster and adapt product assortment accordingly.
The initiative is one of many examples of retailers tapping Big Data and AI-powered analytics to gain insights into consumer behavior to offer more personalized shopping experiences and build loyalty. Since June alone, Carrefour Brazil partnered with Propz to improve personalization, Loblaw teamed up with Microsoft on digital transformation and JD.com started offering its Big Data analytics capabilities to retailers.
As loyalty erodes, product innovation cycles accelerate and retailers look for better ways to reach shoppers and proactively meet their needs, Big Data will increasingly power customer relationships. CPGs should partner with retailers to secure insight into shopper behaviors both online and offline, leveraging the data to continuously adapt product ranges and interact with shoppers effectively.