Tag: Retail and Consumer

The Impact of GenAI on Customer Service in Retail

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Key Takeaways:

  • Generative AI is becoming a retail essential
  • It’s transforming customer loyalty, marketing efficiency, speed of support and more
  • Detailed insights are enabling personalized, automated service
  • Multi-modal and agentic AI will bring further scope for transformation

The Impact of GenAI on Customer Service in Retail

As with many other industries, the capabilities of Generative AI are making a real impact in the retail industry, especially in the quality and scale of the customer service that retailers can deliver. Research has found that the majority of retailers are already using GenAI to boost their customer service capabilities, and this is helping them meet the ever-increasing expectations of consumers.

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AI-Powered Insights in Retail: Enabling Smarter, Faster Decision-Making

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Key Takeaways:

  1. Smart, fast decisions are vital in a highly competitive retail landscape
  2. AI-powered intelligence can help maximize revenue and customer satisfaction
  3. Natural Language Processing enables personalised human-like query’s, that can support quicker data analysis.  Comprehensive planning and domain expertise can help shape the right AI decisioning strategy 

Introduction: Outperforming The Competition With AI In Retail

With retail businesses around the world under ever-increasing pressure, many are turning to AI. The combination of stronger competition, greater consumer demand for personalization, fast-changing marketplaces, and pricing complexity mean retailers are having to operate smarter and more efficiently than ever before.

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Strategies for Integrating XR Experiences into Existing Customer Journeys

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Key Takeaways:

  1. Extended reality technologies are enabling enhanced customer experiences in retail
  2. Customers benefit from greater interactivity, personalization and product information
  3. Retailers are using XR to drive more sales, boost brand loyalty and reduce return rates
  4. Small scale pilots can prove integration value and guide a wider rollout

Online retail is growing all the time: according to Forbes, it will account for 28% of all retail sales in the United States by 2028. And a big part of that is the growth of Extended Reality (XR) technologies that are transforming the customer experience – to such an extent that XR could boost global GDP by as much as $1.5 trillion by 2030. Retail technology trends indicate this growth will only accelerate in coming years.

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The Ethics of Trend Prediction: Balancing AI Insights with Consumer Privacy

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Key Takeaways:

  1. Consumers are more aware of retailers potentially misusing their data
  2. Ethical use of AI tools and data is now essential to avoid brand damage
  3. Baking in transparency and compliance can act as a differentiator
  4. Strong ethical frameworks and flexible solutions are key to evolve in the future

Retailers all over the world are using data and AI in order to maximize sales and meet consumer experience expectations. The likes of predictive analytics, personalized shopping and omnichannel integration are allowing retailers to build more individualized and effective buying journeys.

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Design by Data: How Social Media Micro-Trends Are Reshaping Product Development

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Key Takeaways:

  1. New trends emerge and die out quickly on social media platforms
  2. Agile product development allows retailers to get to market fast and take advantage
  3. AI and machine learning can reveal new consumer trends earlier than ever before
  4. Evolving design processes is key to expediting development workflows

The advent of social media and digitally led product development has turned the world of retail on its head. Trends that previously lasted 10 or 20 years now only last months or even weeks. In turn, product development that previously may have taken 24 months has been dramatically compressed, with some retailers able to get new products to market in as little as 24 hours.

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How Can You Create a Seamless Customer Journey Across Different Touchpoints to Improve Speed-to-Purchase?

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Key Takeaways:

  1. Customers want fast, stress-free buying journeys, and will abandon carts if held up or frustrated
  2. Seamlessly blending digital and physical touchpoints is vital
  3. Advanced technology can synchronize data and unlock key insights
  4. Assessing every touchpoint can iron out all the barriers to perfect customer experiences

In the age of eCommerce, it’s never been easier for consumers to shop around. If they hit the slightest inconvenience, from difficulties finding the product they want to long checkout processes, they will switch to a competitor at the drop of a hat.

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Beyond Data Optimization: How Generative AI Models are Creating New Opportunities for Businesses

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Key Takeaways:

  1. Generative AI is transforming operations in retail, healthcare, finance and more
  2. Multimodal AI, agents for automation and predictive analytics are all gaining traction
  3. Standing out from the crowd with AI is vital in saturated marketplaces
  4. Increasing complexity and a rapidly evolving landscape makes AI expertise essential

The growth of artificial intelligence in recent years has helped organizations around the world transform their data optimization. But the advent of generative AI, where machine learning can use existing data patterns to create text, audio, video and images, has added a new dimension to what businesses can do with AI.

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What Today’s Digital-Native Shopping Habits Reveal About Tomorrow’s Retail

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Key Takeaways:

  1. Digital natives demand fast, easy, personalized retail through their smartphones
  2. Retailers will need to adjust their operations and technology to retain market share
  3. Personalization, omnichannel buying journeys and social integration are critical
  4. Innovations like AR, VR and AI can all help retailers connect with younger consumers

The first generation of people that have grown up with the Internet are reaching adulthood – and that means they’ve got money to spend.

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AI-Powered Unified Commerce: Transforming Retail with Vertical AI Agents

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Key Takeaways:

  1. Agentic AI can enable unified, hyper-personalized commerce
  2. Customer experience can be transformed with personal service and insights
  3. As agentic AI use expands, its business value will grow exponentially
  4. Retail-specific expertise can put agentic AI deployments on the right track

It has now been five years since the onset of the COVID-19 pandemic, and the acceleration in online retail driven by people staying at home continues to be sustained. Forrester research suggests that by the end of the decade, nearly 30% of purchases by American consumers will be made online, and the online U.S. retail market will be worth $1.8 trillion a year – similar to the entire current GDP of Mexico.

Artificial intelligence is playing an increasing part in this growth, with nearly 40% of retail directors stating that they already use AI for some operations. And ultimately, agentic AI will enable unified commerce which brings physical and digital retail together like never before.Key takeaways (1)

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How can you continue to tailor CX with personalized AI recommendations?

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Key Takeaways:

  1. Personalized brand messages are exceeding ROI expectations for 67% of brand leaders
  2. AI is essential for generating the insights needed to meet those expectations
  3. Integration and continuous optimization are cornerstones of success
  4. Results can be quantified by measuring key retail metrics

Did you know that, according to McKinsey, 71% of consumers now expect companies to give them personalized interactions? No longer is personalization a differentiator in the marketplace: it’s a basic expectation and necessity, which means retailers and other organizations have to go to the next level to stand out.

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