Over a dozen years ago, Steven Spielberg’s movie Minority Report introduced viewers to a future in which marketing and advertising is so interactive that personalized sales pitches are aimed at potential customers as they walk through a mall. The film was set in the year 2054. A lot has changed since the film was released including the decline of malls and the rise of e-commerce. One prediction the film got right was the increased use of artificial intelligence (AI) in the marketing field.
Annual online sales are predicted to surpass $500 billion by the end of this decade. Getting a share of that pot of gold requires retailers to focus on their digital path to purchase strategies. Nowadays almost every shopper is armed with a smartphone they use to compare prices, download coupons, or find reviews. Even when the final purchase is made in a traditional brick-and-mortar store, there is a good chance the consumer has tapped the digital realm to help with that decision.