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The retail industry is facing numerous challenges in today’s dynamic landscape that are forcing them to rethink their strategies. Retailers must keep up with technological advancements, such as generative AI, artificial intelligence and machine learning (AI/ML) and ecommerce platforms, to remain competitive to retain customers and market share.
Retailers face intense competition from both traditional brick-and-mortar stores and ecommerce companies—impacting their profit margins and forcing retailers to innovate to stay competitive.