Meaning ● Cognitive Retail Strategy represents the application of data analytics, artificial intelligence, and machine learning to optimize retail operations within Small and Medium-sized Businesses (SMBs). ● Within SMB growth, it facilitates personalized customer experiences, efficient inventory management, and targeted marketing campaigns. ● The automation aspect involves using AI-driven tools for tasks such as predictive ordering, automated pricing adjustments, and personalized product recommendations, allowing SMBs to compete more effectively. ● Successful implementation requires SMBs to gather and analyze customer data to understand buying patterns, enabling retailers to anticipate demand and tailor their offerings. ● This involves the strategic use of technology to create efficiencies and improve customer engagement, fostering business growth through informed decision-making. Cognitive Retail Strategy enhances decision-making by providing SMBs with real-time insights into customer behavior, market trends, and operational performance, facilitating greater responsiveness to changing business landscapes.
