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Research Paper | Information Technology | India | Volume 10 Issue 6, June 2021 | Popularity: 5 / 10
AI Applications and Geo-Location Analytics to Improve Profitability
Rudrendu Kumar Paul, Bidyut Sarkar
Abstract: This paper explores the application of machine learning and geo-location analytics in enhancing profitability within the retail sector. Faced with the challenges of the digital age, particularly in understanding consumer behavior across online and offline channels, retail executives require innovative strategies. By using geolocation data and machine learning models, this paper demonstrates how retail organizations can better comprehend consumer behavior, adjust their sales strategies, and make informed decisions about store locations. This paper provides potential strategies such as optimal store placement based on demographic analysis and channel allocation to maximize engagement and sales. The paper also emphasizes the importance of data infrastructure, channel partner capabilities, and data security. Ultimately, the combination of geo-location analytics and accurate mapping of touchpoints along the consumer's decision journey can provide retailers with a competitive edge in the evolving retail industry.
Keywords: Artificial Intelligence, Machine Learning, Data Science, Geo-Location Analytics, Retail Industry, Profit Maximization, Omni-Channel Retail, Consumer Behavior
Edition: Volume 10 Issue 6, June 2021
Pages: 1766 - 1769
DOI: https://www.doi.org/10.21275/ES231119103434
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