At Corinium’s flagship USA event CDAO Fall, 2019 there will be an entire focus day dedicated to the Retail Industry. There are some fantastic transformations occurring in this industry so we caught up with Rey who is one of CDAO Fall's Sponsorship Directors to tell us more about what he’s hearing.
AI & Retail
The growth experienced by the industry comes hand in hand with technology and many more transformations are approaching with the penetration of Artificial Intelligence in retail.
|Artificial intelligence is a term used more and more frequently. It went from being a Sci-Fi concept to real-life, where it impact is snowballing thanks to the possibilities offered by this technology. Terms such as AI and machine learning are becoming increasingly familiar, and and the retail industry does not escape this reality. Given its importance, we will then update valuable information to be one step ahead of this revolutionary technology. Experts in the area of AI in retail predict that a competitive advantage is expected for most of the companies that apply it in the next five years. Advanced analysis is the technology that most retailers (88%) believe will change their organizations in just half a decade. There are so many potentialities of AI in retail that it is expected that by the year 2020, retailers will use AI to fine-tune accuracy and thus accelerate human decision-making, surpassing current levels.|
Although everything points to the success of the application of the AI in retail, its commercial adoption is at a very early stage, so there are conflicting opinions regarding its future in the sector.
Although 4 out of 5 executives in the retail sector agree that artificial intelligence is a strategic opportunity for their business, only 1 in 4 has incorporated the AI in some of the processes of their company.
Retailers are using AI to communicate with shoppers through personalized online experiences, conversational robots and chatbots. The current ability of personalization is incredible, but the future promises to go even further. AI can help retailers make the best use of screen properties on mobile devices to enhance e-commerce, presenting highly relevant content for each consumer. You can generate millions of personalized home pages and email variations, as well as customize the experiences within the application. Given the significant benefits of the AI in retail, there is an important sector that has expressed interest in approaching this technology.
Retailers that already make use of the AI, have experienced the benefits of the application of this technology in some of their processes. Highlighting the positive results in terms of retail sales, personalization and direct marketing. Executives in the retail sector believe that there are many other strategies to develop to make the most of artificial intelligence, since they believe that it can increase commercial value by streamlining processes, reducing costs and providing a more insightful analysis.
Every business involves risks, and the opportunity to get on the train of the future or to fall behind is now. Although most companies in the retail sector do not really have an established IA plan, they still keep their eyes fixed on this new trend and adoption will be happening within the next few years.
So while others think about it, it may be your chance to go one step further. This is the ideal time to consider the creation of a successful AI strategy, which allows companies get ahead of their competitors.
We will be discussing this in more depth during the Retail Focus Day at our CDAO Fall this upcoming November 18th 2019 – join us to get in front the senior executives driving the digital transformation in the Retail sector.
Progress is here, and we’re just telling it.
Rey Sanchez, Sponsorship Director, Corinium Global Intelligence