At Statflo, we spend a lot of time thinking about the future of retail and how technology will be used to improve it. With IBM's new consumer app, Watson Trend, we couldn't be more excited.
Watson is IBM's supercomputer, and it is no longer content with simply improving your emails and determining your personality type based on 100 words you wrote. It now wants to simplify your shopping experience.
What makes it so special? Check out this hilarious video, featuring the "Beauticorn". You're going to want one.
So how does it work?
Watson constantly analyzes the conversation around every consumer product online, via social media, blog posts, and reviews. (he's probably even watching right now... hey, Watson!). It looks across 3 main categories: consumer electronics, toys, and health and fitness.
Watson then uses that data to predict which products will be a hit, and which ones will likely be a brief fad. The app goes even further than that, though, providing insight into the sentiment behind these products, and explaining why something is going to be popular.
It also breaks down which products will be most popular among demographics such as gender, age, and geographic location.
So what does this mean for the future of retail? In short, a lot.
Watson’s intelligent data could enable retailers to more quickly identify trends and respond with tailored advertising and promotions.- Collin Prior, iQmetrix
Watson is just the tip of the iceberg. As consumer behavior data becomes more readily available, big retailers and small businesses alike will be able to utilize this new tool to empower their sales reps, and provide more personalized customer experiences.
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