Retailers are adopting advanced technologies such as artificial intelligence and social media analytics to understand consumers’ shopping behaviour and preferences with a view to target niche segments, according to a Deloitte India report.
Retail firms are using a strategy – Tribetailing – to identify and cater to a niche set of consumers.
As consumers’ preferences are changing at a dynamic pace with an evolving retail environment, tribetailing helps retailers connect with buyers and understand them better, the report titled ‘KNOW your consumer – What you see is what you get’ said.
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“Riding on the digital wave, retailers are using advanced technologies such as artificial intelligence, machine learning, and social media analytics to get information about consumers’ shopping history, behaviour, preferences, and online activities,” it said.
Source: Economic Times
