One of the main differences between AI and machine learning is that AI is defined as a system that can think for itself and machine learning is a system that is given data and it should learn how to export the data by itself. This is can be done by programming algorithms.
Machine learning plays an important role in retail because it has the ability to analyze big data about their consumers and can personalize their responses based on their online behaviour, purchases and preferences. This can be seen on social media platforms such as Facebook and Instagram.
In ecommerce, machine learning can be used for price optimization. Machine learning makes it possible to determine a company’s competitors’ prices, demand and type of customers.
Fraud protection can also be detected with machine learning. This type of technology can also be used for fraud protection. Machine learning detects fraud by processing the repetitive data that happens at rapid speed before transactions are made.