Staying relevant and competitive is paramount in today’s retail landscape, characterized by fierce competition and evolving customer preferences. By harnessing the transformative power of Generative AI, retailers can provide personalized shopping experiences, driving higher customer satisfaction and conversion rates – while gaining critical insight into demand and individual preferences supporting product development.
Early movers gather experience and insights from exposing live applications to their customers. AI and cloud vendors are preparing their services for prime-time, allowing the efficient use of cutting-edge AI at scale across whole industries.
Despite all the technology hype, it remains essential to identify business value yet untapped. Retail incumbents used to be experts in finding the right strategy to address their target audience. Artificial Intelligence changes the game – hyper-personalization becomes possible at (almost) any price level, allowing retail to focus even more on customers when creating and promoting their products.
Natural language-style interaction via chatbots or simplified search will enable customers to express their needs and receive personalized recommendations in less time from within a WhatsApp-like conversation, removing the burden of browsing through tens or hundreds of products.
Driving up personalization at scale and creating more natural client interaction in online and mobile channels, in tandem with improving in-store experiences, allows retailers to gain a competitive edge, strengthen customer relationships, and increase revenues and margins.
Virtual Assistants move center stage
- Conversational virtual assistants and more intelligent search reduce the time and effort for customers to browse a catalog and find products that match their interests and preferences.
- Recommendation engines that understand client interest and product features in every detail highlight the most relevant products.
- Virtual try-ons help customers decide and reduce returns.
Leverage customer intelligence for next-gen marketing, shopping experiences, and service
- Generative AI’s natural language capabilities enable a more engaging customer interaction via context-sensitive digital channels.
- More intelligent recommendations and personalized messaging drive up the relevance of marketing campaigns.
- Customer satisfaction improves with more capable, digital self-service available 24×7.
Gain efficiencies in product development and marketing
- Create, simulate, and assess personalized shopping experiences at scale.
- Generative AI auto-creates pictures of product variations from varying perspectives, even put into personalized context.
- Product managers and editors save time with pre-written product descriptions for their review.