Pitfalls to Avoid With Machine Learning in Retail

Abstract

This chapter is about ideas in retail for which using machine learning technology would help the organizations to monetize them. I present to you just three ideas that, as per my research in the retail sector and after having consulted experts from the retail field, I conclude not just need more attention but are going to be the focus for the retail industry in the future. Some of the things that I tell you in this chapter may sound far-fetched and far from realistic but you will realize as we progress that these ideas are definitely going to take shape and are going to be implemented in the retail industry. Of course these ideas are good for any startup to pick up and start working on. It is not that there are no startups working on these ideas, but I am presenting you a fresh view of the ideas and how to monetize them as far as machine learning is concerned. The first idea is about Supply Chain Management, the second one is about Customer Management, and the third is about the use of IoT in Retail. While I tell you about these ideas, I will also tell you about some of the pitfalls and the dangers that exist in the current state where these ideas stand.