Retailers are using data, powered by artificial intelligence, to achieve an impressive list of objectives: loss prevention, operational efficiencies, customer insights and buying behavior enhancements.

One of retail’s most versatile data solutions is computer vision, a form of AI that enables computers to glean insights from the visual information flowing to digital cameras. Recommendation engines are also on the rise, letting retailers leverage data to deliver timely, customized experiences. These advances support easier, more personalized shopping for consumers — exactly what they’re looking for.

New technologies get a lot of attention. In fact, you probably hear a nearly constant stream of discussion about technologies such as artificial intelligence, virtual reality, machine learning and the Internet of Things. Sometimes, it even seems impossible to avoid the acronyms for these technologies — AI, VR, ML and IoT.

By comparison, radio frequency identification is largely ignored outside of certain trade journals. Retailers, however, should pay attention to RFID, which has provided the retail industry with a way to identify and track inventory for the past 15 years.

Retailers are looking for technology solutions that can meet a particular need, whether it’s improving the customer experience, enhancing productivity or increasing revenue. I was excited to see some of the latest entries in the field in January at the National Retail Federation’s annual convention.

Retailers, vendors and industry experts at the event demonstrated an array of solutions and shared their perspectives on how technology will affect the industry this year. Here are four takeaways from Retail’s Big Show.

Practically the entire retail industry may be using AI by the end of 2020. And yet, AI is still in its infancy in most deployments, with many retailers uncertain about exactly how the technology can improve their businesses.

That’s why I’m looking forward to a number of AI-focused sessions at this year’s annual convention of the National Retail Federation.

Until someone invents a crystal ball, business analytics tools are the best way to achieve a deeper understanding of business trends, such as emerging opportunities and changes in customer expectations and habits. The latest BA tools also enable organizations to unlock insights that otherwise would require hiring data scientists.

Digital transformation, customer experience and omnichannel are three of the biggest buzzwords in retail these days. Here’s one more to add to the conversation: layaway. Surprised? That’s understandable. After all, layaway is a century-old service that many retailers phased out decades ago when credit cards went mainstream. But many others still offer layaway. One reason…