Artificial Intelligence

Given the difficult business conditions so many brick-and-mortar retailers are facing, it’s baffling that conversion rate optimization (CRO) hasn’t become more of a focus if not an obsession.   In the online world, CRO has become an industry onto itself, spawning a global community of consultants and service providers, formal methodologies and over a hundred books dedicated to the topic on Amazon alone. There is only one book on brick-and-mortar conversion listed on Amazon.  

BJ's Wholesale Club will leverage predictive analytics and machine learning to assist with buying decisions.   The warehouse club operator will begin using First Insight’s consumer-driven predictive analytics. The tools are designed to help BJ’s make design and buying decisions on the broad spectrum of products offered in its warehouse clubs.   

The Retail Industry Leaders Association (RILA) is looking for a few good tech innovators.    The group has put out a call for applications for its first annual (R)Tech Retail CEO Innovation Awards. The awards will highlight innovations that enable retail's future. Winners will be invited to showcase, pitch and network with the retail chief executives at RILA's annual Retail CEO Forum Jan. 21-23 in Tucson, Arizona.  

ASOS is streamlining how its mobile shoppers search for merchandise.   The largest online fashion retailer in the U.K. is adding a visual search feature to its iOS-based mobile app, reported TechCrunch. It will be rolled out to their Android app “soon."   

Target Corp. has acquired a transportation technology company and, in the process, gotten itself a VP of technology.   Target Corp. announced it has agreed to acquire Grand Junction to improve and expand Target’s delivery capabilities and accelerate its investments and ongoing efforts to transform its supply chain. Upon the close of the deal, Rob Howard, Grand Junction’s founder and CEO, will become a VP of technology at Target.  

Amazon is the "best long-term growth story available to investors today." But don't expect the company to generate meaningful profits anytime soon.   That's according to MKM Partners managing director Rob Sanderson who, on Tuesday, raised his price target on the online giant's stock to $1,275 per share, up from $1,095.  

Move over Amazon — China's largest online player is looking to take on the world.    Now the largest e-commerce company in the world with $430 billion in gross merchandise volume, Alibaba is seeking to become a global company as well with a goal of serving more than 2 billion shoppers, according to a new report by global think tank FGRT (Fung Global Retail & Technology).  

Despite posting a loss for the second quarter, Wayfair’s brand continues to gain traction and square off against competitors.   For the second quarter ended June 30, the home decor and furnishings e-retailer narrowed its net loss to $38.9 million from $48.3 million in the same period a year ago. It also posted a smaller-than-expected second quarter loss of 26 cents per share, beating analyst expectations of 46 cents per share, according to FactSet.