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5 ways that generative AI is revolutionising the retail experience.

24, May, 2024

Categories:

Artificial Intelligence -

AI Gen AI Article

What can retail organisations do to rise above the curve? They must acquire a solid understanding of who their customers are, what products they sell, and how their supply chain operates. They must also adjust quickly to changing market conditions and customer demands. With detailed analytics critical to their success in this data-centred age, generative AI plays a key role.

Generative AI, a ground-breaking technology, not only provides the necessary analytics but also reshapes how retailers interact with their clients and optimise their operations. Retailers who embrace generative AI achieve new levels of personalisation, efficiency, and market responsiveness, thereby setting a higher standard in the industry.

Here are five ways this technology is enhancing the customer experience:

  1. Virtual shopping assistants: Imagine if online shopping was as straightforward as simply stating your needs and having them met. Generative AI is making this a reality with virtual shopping assistants that understand your requests through text, voice, or even a photo. This eliminates the frustration of cumbersome navigation and tedious search filters. For more intricate requirements, such as trip planning, these AI assistants offer real-time conversations—similar to interacting with a travel agent.
  2. Personalised customer journeys: Imagine entering a store where everything is tailored just for you. Generative AI makes this possible in online shopping by analysing your purchasing history, preferences, and tastes to create unique offers and discounts. Whether you prefer sustainable products or the latest technology, AI can craft personalised deals. It even customises the products, services, and payment options to suit your individual needs.
  3. Shopping through the metaverse: As virtual and augmented reality tech takes off, some retailers are setting up shop in the metaverse. These aren’t your typical online stores; they are interactive, captivating consumer experiences where visitors can play games, explore, and shop. Leading this trend are pioneering retailers like Nike, who have introduced Nikeland in Roblox—a fun gaming experience that doubles as a virtual showroom where users can browse products.
  4. Summarising customer reviews: Have you ever been overwhelmed with a flood of reviews? Generative AI can summarise numerous articles, highlighting the aspects that matter most to you. This way, you can make the right decision faster. It takes less time and still allows you to make better choices, giving you the chance to forgo browsing through lengthy lines of reviews.
  5. Streamlining product design and development: Generative AI is transforming product development behind the scenes. It leverages customer feedback and current trends to propose innovative designs, greatly expediting the design process. This agility helps retailers quickly respond to emerging trends and consumer preferences, maintaining their edge in the dynamic retail industry.

Generative AI is changing the face of the retail industry by improving customer interactions and streamlining backend procedures. It is becoming an essential tool for retailers because the sector prioritises speed, accuracy, and personalised experiences.

As we delve into how generative AI or just innovative tech, in general, is reshaping retail, it’s crucial to recognise the thought leaders driving these innovations. Here are some of the key speakers at the AI and Big Data Expo North America whose insights are propelling the retail industry forward:

  • Phani Yadavalli, Lead Director – Enterprise Cloud Engineering, CVS Health
  • Upasna Saluja, Security Lead, Ross Stores
  • Leandro Lima, IT Senior Director – Data & Analytics, Procter & Gamble
  • Steve Ma, Acting Chief Architect, Walgreens Boots Alliance
  • Dr. Astha Purohit, Director – Product (Tech) Ops, Walmart
  • Monish Shelat, Intelligent Automation Lead, Johnson & Johnson
  • Paige Carmichael, Product Manager: Automation Intelligence and Controls, Target
  • Daniel Cheng, Director, Product Management – Petivity, Nestle Purina PetCare
  • Steve Becker, Associate Director – Open Innovation & Intellectual Property, Kimberley Clark
  • Tom Gardner, Store IoT Lead, Lowe’s

These leaders are not only adapting to changing market trends but are also setting new standards for innovation in retail.

For more information on our free and paid ticket types at the AI and Big Data Expo and to register for the event, visit https://www.ai-expo.net/northamerica/ticket-types-and-prices/