What are the typical applications of machine learning in retail? 🔊
Typical applications of machine learning in retail include personalized marketing, demand forecasting, and inventory management. Retailers use machine learning algorithms to analyze customer behavior and preferences, allowing them to create tailored recommendations and promotions that enhance customer engagement and drive sales. Additionally, machine learning can predict product demand based on historical data and trends, optimizing stock levels and minimizing overstock or shortages. These applications help retailers improve operational efficiency and deliver a more personalized shopping experience.
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