As AI continues to progress, retailers can expect it to empower human decision makers to have a ‘conversation’ with technology so they can make crucial decisions —  without sacrificing nuance. There are many ways that this can be valuable to a retail business. Imagine if the individuals who have to decide where a product gets disposed of could type in a query and get the best possible answer? Or, if the individuals managing your inventory could simply ask what products are running low, and be fed back an answer that is tied specifically to your business and based on your internal business data? All within seconds.

Charlie Valley

Chief Innovation Officer, SmarterX

Online retailers have been able to directly enhance customer experience at various touch points through the use of AI. Virtual try-on is becoming increasingly popular— simplifying the browsing experience and reducing returns. Meanwhile, virtual assistants powered by generative AI allow retailers to transform the way they interact with customers, providing 24/7 support to shoppers. It is important that we remain cognizant of the ethical considerations and social implications of deploying these technologies. As industry leaders we must ensure that the benefits of AI and automation are harnessed responsibly, with a commitment to transparency, fairness, safety and inclusivity.

Gautam Singh

CEO, The Smart Cube

AI has immense potential to drive growth and cost savings for retailers, especially in addressing the concerns of rising shipping costs while ensuring excellent delivery experiences. By leveraging real-time automation and AI technology, retailers can accurately predict delivery dates, fulfill customer promises, and reduce shipping expenses. However, it is crucial not to compromise user experience in pursuit of financial gains. Retailers can consider technologies to optimize real-time decisions throughout the customer’s pre-purchase and post-purchase journey. AI and automation technologies for delivery accuracy, shipping optimization, and carrier selection can drive big improvements in conversion, costs, and experience. The goal is to ensure a win-win situation for both the retailer and the consumer.

Akhilesh Srivastava

CEO, FenixCommerce

AI in Retail: Beyond ChatGPT

AI in Retail: Beyond ChatGPT