While AI was once a far-fetched idea, companies such as Dal-e have proven the power of AI through their text-to-image generator.
But how far is AI from becoming a valuable asset for the retail industry?
This week we diverge into the future of the industry and how to keep your store secure in the new world of retail.
THIS WEEK’S HIGHLIGHTS
- Failed Orbit: Pandemic trends that failed to reach orbit.
- Finding the balance: The blending of the physical and digital worlds.
- AI in retail: Gimmick or Game-changer?
Q4 Benchmark Report: Click HERE to see how your store compares to the industry average.
FOOT TRAFFIC INDEX
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
AI in retail: Gimmick or Game-changer?
While AI was once a far-fetched idea, companies such as Dal-e have proven the power of AI through their text-to-image generator.
Automation, data, and technology, like machine learning algorithms, are used in retail AI to give customers highly customized shopping experiences.
By 2028, the global AI in retail market size is expected to reach $24.1 billion. The growth comes from the endless amount of possibilities AI brings into the market, such as COVID-19 impact analysis, higher supply chain capabilities, higher efficiency in saving cost and optimizing the experience for customers.
While that all sounds amazing, only time will tell how long it will take for AI to meet these insane expectations.
Computer vision in retail
Retailers who successfully leverage computer vision with diagnostic, proactive, and predictive analytics are gaining the much-needed competitive edge.
Computer vision provides video and audio for additional context, complementing other types of data. No matter if you are at your store for 9 hours a day, or an hour a week, it is impossible to see everything the way artificial intelligence can comprehend every second of the day.
The combination of foot traffic data and AI allows you to not only see exactly how long a customer was in a store, but you can see exactly where customers are spending their time.
Retail Snippets.
Personalization: How technology is making the retail industry more efficient and improving the customer experience.
Emotions drive sales: Understanding the power of behavioral economics.
Coming to a Target Near You: Return a purchase without leaving your car.
Random Irrelevance
Fake features: Samsung caught faking zoom photos of the Moon.
Moon Time: What time is it on the moon? Europe pushing for lunar time zone.
True cost: The extraordinary costs behind ChatGPT and generative AI.