Retail is constantly in transformation, and AI is having a significant impact on the industry. I spend a lot of time monitoring the latest retail AI and technology trends worldwide.
This investment ensures that my clients get the latest news and insights around.
Please note: This page will be continuously updated, so please feel free to bookmark and pop back for the latest information.
Coca-Cola has partnered with OpenAI to investigate how generative AI may be used to develop novel products and services for consumers. As part of the collaboration, OpenAI’s ChatGPT and DALL-E models will be used to generate concepts for sponsored media. In addition, the firms will investigate how AI might be used to boost service to customers and streamline operations in the supply chain.
MN thinking – Some of the biggest companies are turning to the latest technology rather than building themselves and can save a huge amount of time and resources. Generative AI models like ChatGPT and DALL-E have the potential to create unique and personalized customer experiences. – February 2023 [Retail, AI, Strategy]
Nvidia Tackles Retail Shrinkage with AI-Powered Solutions
Nvidia has introduced AI workflows to the retail industry to help combat shrinkage. Shrinkage refers to the loss of inventory due to theft, damage, or errors in the supply chain. By incorporating AI into retail operations, Nvidia aims to reduce shrinkage and improve overall efficiency and profitability for retailers.
MN thinking – There is a lot of turn-key technology already developed that will save time and development costs. Please don’t hesitate to contact us for the latest options. – February 2023 [Retail, Technology, Machine Vision, AI]
The Importance of Efficient Digital Experiences in Retail
Consumers today prioritise efficient and seamless digital experiences. They expect technology to simplify their lives and make shopping easier. Retailers that provide smooth digital customer experiences are more likely to retain customers and increase sales.
MN thinking – Most marketing focus is placed on building and protecting the brand. Widen this to include a memorable buying experience too. – February 2023 [Retail, Loyalty]
Using AI to Enhance Customer Experience: Benefits and Applications
AI can help companies create real customer experiences by giving customers personalised interactions, making operations more efficient, and letting people make real-time decisions. AI-powered chatbots, for example, can help customers 24/7 by answering frequently asked questions and pointing them to the right resources. Using AI as part of a company’s customer experience strategy can help it stand out, improve customer satisfaction, and increase sales.
MN thinking – Implementing Artificial Intelligence (AI) in customer experience strategy can help companies differentiate themselves, improve customer satisfaction, and drive revenue growth. – February 2023 [Retail, AI]
According to Robert Hetu of Gartner Inc., algorithmic merchandising is crucial to the success of retail companies. Hetu argues that analysing consumer data using algorithms may help businesses improve sales and provide customers with a better shopping experience. To remain competitive in today’s market and fulfil the expectations of tech-savvy customers, retailers must employ algorithmic merchandising.
MN thinking – Using algorithms to analyse customer data and make informed decisions about product offerings can lead to increased sales and a better customer shopping experience. – February 2023 [Retail, AI]
Tony Boncore from Honeywell gave retailers some lessons from his presentation at NRF 2023 on lowering shopper friction. To make the shopping experience more straightforward and more accessible for customers, he underlined the need to use technology.
MN thinking – Retailers should concentrate on delivering a smooth omnichannel experience, utilising AI and machine learning, and making tailored suggestions to improve the customer journey. – February 2023 [Retail, customer experience, AI]
Data-Driven Transformation with Google Cloud
Arvind Fashions is implementing a Google Cloud-powered digital transformation. Using Google Cloud’s data and analytics tools, Arvind Fashions wants to enhance consumer experiences and drive company success with data-driven insights. The firm intends to utilise machine learning and AI technology to gain a deeper understanding of client preferences and purchasing patterns, resulting in a more personalised shopping experience.
MN thinking – Good case study in digital transformation. – February 2023 [Retail, digital transformation, cloud]
The article is based on two retail reports. Personalisation has been a common tactic in retail, but it is essential to guarantee true personalisation. Numerous businesses give generic, one-size-fits-all suggestions based on data and algorithms, resulting in a need for meaningful consumer personalisation.
MN thinking – To deliver simple customisation, merchants must concentrate on gaining a deeper understanding of their consumers and creating experiences tailored to their interests and habits. – February 2023 [Personalisation, retail, customer]
Interesting blog from Drexel University on how the perception of AI may influence retailers to either be customer-facing or not. The blog highlights the need to focus on risk assessment and answering concerns early. If these are resolved first, then it will give more confidence. – [Risk, development, retail] – 1/12/2022
M&S have acquired Thread, an AI company, to further its personalisation prospects. This is a good example where a company sees the timing as very important and decides to buy rather than build, allowing a company to hit the road running rather than develop and grow. – [Acquisition, personalised, personalisation] – 30/11/2022
Optimistic about automated customer service
Conversational AI has come a long way in a few years and is often the first point of contact for most enterprises. New research by AWS (Amazon) shows a massive thirst for chatbots and interactive systems, and 70% of respondents were keen to integrate these. However, research shows that there needs to be further improvement in text and voice-based systems. – [Customer service, Conversational AI, chatbots, Research, AWS] – 14/11/2022
Top 4 strategies for AI-powered profitability
As the economy tightens, it is good to see how you can use AI in retail to reduce costs and increase revenue. AI can help with competitive pricing, demand forecasting, customer support, operations and lots more. – [Retail, Strategy] – 14/11/2022
AI helps reduce excessive inventory.
Example of using end-to-end AI for reducing product inventory. The key to effective retail is good inventory management, and using AI to develop ideal customer profiles can increase accuracy and reduce costs. – [Stock, inventory, AI] – 14/11/2022
The strategic importance of supplier collaboration
Retail success is about managing supplier collaboration, and Data-driven decision-making is critical to making decisions quickly. This whitepaper highlights the need for speed with real-time information and collaborative deal planning. It talks about merchandising practices, transformational opportunities and intelligent merchandising. – [Supplier, procurement] – 14/11/2022
Implementing AI in Brick-and-Mortar Stores
helps retailers increase their productivity and value-added experience from physical stores. Given the vast trend of increased data volumes, AI can give extra facilities like hyper-personalisation, increased productivity and more. This article explores these areas. – [Stores, online, retail] – 14/11/2022
Amazon has record sales over the holiday weekend
Amazon had record-breaking sales over the five-day holiday shopping period. Amazon has yet to give stats, but independent business retailers selling on Amazon surpassed $1 billion. Despite the economic climate, this is good news. – [Amazon, black Friday, online retail] – 14/11/2022
Walmart use AI TrendGetter
Walmart develops AI technology that helps customers match products from images. The technology uses Google computer vision technology to decipher the image and point to a specific product. Any technology that helps speed up search on a particular retail platform is good. Also, consumers will keep referring back to Walmart for every purchasing decision. – [Drive-through, retail, technology] – 9/12/2022
Tech and innovation inspire drive-thru’s
US drive-throughs are exploring new tech like AI to increase margins. – [Drive-through, retail, technology] – 30/11/2022