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Successfully using AI in retail: approximately 150 participants at the prudsys retail intelligence summit 2019
How can we use intelligent price calculation to optimize turnover and margins, how do personal recommendations function in a product search engine and how can we prevent shopping cart cancellations using personalized incentives? In keeping with the motto “Smart Decisions for Smart Retail”, presenters from Sanicare, bonprix, moebel.de and Weidmüller to name but a few provided the participants with exciting insights while sharing practical applications.
The approximately 150 participants from online and bricks and mortar retail learned, for example, how Weidmüller, a specialist in the field of industrial connectivity, uses artificial intelligence for product recommendations to support B2B sales with cross selling and upselling recommendations. Other presentations addressing personalization highlighted how and when successful product recommendations, at moebel.de or Westfalia for example, are generated and designed. Accengage’s talk illustrated how push notifications lead to increased customer engagement.
On the topic of dynamic pricing, Sanicare and prudsys speakers used customer examples to illustrate the potential of automated pricing when it comes to optimizing turnover and earnings as well as for mardown pricing. Even more practical tips were revealed in the subsequent workshop entitled “Dynamic Pricing Dos and Don’ts.” The prudsys “Innovation Hub” was full of live demos and thematically appropriate use cases to experience – from dynamic pricing to print personalization right down to fraud detection at the frictionless checkout.
From how artificial intelligence exposes fraudsters to the energy sources of the future and the question of whether machines even need humans anymore: keynote speaker Dr. Pero Mićić set interesting tones for the future in his talk entitled “How will you make your living tomorrow? Turning digitalization, robotics, artificial intelligence etc. into opportunities.” Julia Miosga, known as the “digital landscape gardener”, hosted the event.
This year’s DATA MINING CUP awards ceremony took place during the course of the evening event. Out of the approximately 150 participating teams from 28 countries, students from Iowa State University (1st place), the University of Geneva (2nd place) and The George Washington University (3rd place) made it onto the podium. The best German student team from Hochschule Anhalt achieved a very good 4th place, which is a top position in international comparison.
For information about the retail intelligence summit 2019, go to https://summit.prudsys.de/en..
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