Think Tank: A Discussion on the ‘Social Physics’ of Retail

The highly dynamic nature of the retail industry has urged retailers to rely on various fourth generation technologies to tackle market competition successfully. For instance, artificial intelligence, big data and machine learning have enabled retailers to incorporate optimal strategies as the industry evolves digitally. Over the years, business has shifted its focus to introduce customer-centric strategies to improve market worth and customer loyalty rates. Companies have introduced policies to attract potential customers as well as satisfy and retain current ones. Businesses have shifted their focus on predictive analytics to solve issues and achieve optimal results. Also, predictive analytics have enabled an efficient utilization of resources and the effective generation of strategies to forecast business outcomes. In addition, the analytics help in setting key performance indicators and predicting sales as well as customer practices for corporate success in the retail industry. A concept that has recently been gaining popularity in the field of big data analytics and machine learning is Social Physics. The Social Physics concept is a revolutionary advancement in the field retail as it is continually tracking customer behavior to boost innovative business practices. In addition, the concept assists in predicting behavioral trends to generate smarter retail strategies. Social Physics collects

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