IBM announced it has signed an agreement with the Lotte Group to provide cloud-based IBM Watson solutions to help the Group deliver innovation across the business and become a world-class retail company.
Lotte Group represents the country’s largest retailer in a highly competitive retail market and is one of Korea’s top five companies, providing products and services to its customers through several channels.
Lotte Group will use Watson technologies to maximise insights from the huge amount of structured and unstructured customer data collected through its various channels, including the Lotte Members program, deriving valuable learnings about customer preferences and product feedback.
With a deeper understanding of its data, Lotte will be enabled to offer more personalised services to customers, consistent product information and expert advice tailored to individual customer needs.
This agreement prioritises two “Artificial Intelligence Innovation Themes” for which to apply Watson. Lotte and IBM will team to create an ‘Intelligent Shopping Advisor’ for customers and an internal employee ‘Cognitive Business Decision Advisor’ for the Group’s retail affiliates.
The ‘Intelligent Shopping Adviser’ will be first introduced to Lotte’s department stores. Customers will have their own virtual personal assistant offering help from product recommendations, shop location guidance, to support for online pickup service.
Using Watson technologies, Lotte will gain new insights for better decision making with the analysis of huge amounts of data from various sources like social media, blogs, news articles and customer data from point of sale terminals.
(Source: Yahoo Finance)