Emerging markets are creating the biggest transformation in retail business by virtue of massive digitalization around the globe. The challenge that retailers face today is personalization; consumers expect personal level attention from their favorite brands. This personalization is the outcome of enormous online reviews on different brands. These online reviews are the part of huge data that customers are generating everyday while using different online portals. This immense data is called “Big Data”. Big data reveals behavioral insights about customers, their likes, dislikes and motivating factors.
In order to formulate a strong positioning strategy, companies need to analyze big data to know the behavioral trends of their existing & prospect customers. According to IBM (multinational technology company), every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. By knowing this, it is humanly impossible to evaluate such huge data.
To counter this challenge, companies are using artificial intelligence (AI) based systems. Companies like Google, Facebook and Skype using AI systems very efficiently. Artificial intelligence can process the million bucks per second, and this capability of artificial intelligence allows retailers to understand how consumers perceive their brands.
Artificial intelligence allows retailers to deliver the kinds of customization that consumers expect today with better positioning. Currently, the Successful positioning strategies are leveraging artificial intelligence (AI) based systems to gain deeper insights into their customers in order to occupy a distinct position in the mind of the customers.