The accessibility of AI tools like ChatGPT has empowered individuals worldwide, revealing the remarkable capabilities of these tools.
As the digital landscape transforms, consumer interactions with businesses are constantly evolving. A noteworthy adaptation is the rise of AI-driven chatbots.
This week we look at how new technologies have the potential to have unique use cases for retail stores.
THIS WEEK’S HIGHLIGHTS
- Chatbots meet retail: Inside the latest boom.
- Bioretail : Biometrics enter the retail landscape
Q1 2023 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.
Chatbots invade retail
As the digital landscape transforms, consumer interactions with businesses are constantly evolving. A noteworthy adaptation is the rise of AI-driven chatbots.
Tools like ChatGPT have put the possibilities of AI at the fingertips of everyone — and people all over the world are now recognizing that these tools can do incredible (and useless) things.
A forecast by Juniper Research suggests a significant leap in global retail spending on chatbots – expected to reach US$12 billion in 2023 and rocket to US$72 billion by 2028.
Click HERE to learn more about the rise of chatbots in retail.
Biometrics enter the retail landscape
In 2002, the movie Minority Report was released and showed the world how terrifying the world could become if biometrics could tell advertisers exactly what you want.
20 years later, the premise of the movie is slowly becoming a reality. About two-thirds of marketing professionals said they expected to see greater use of biometric data to access, personalize or secure data and services by the end of this decade, according to a survey by WPP’s Essence.
Although biometrics are far from the level we saw on Minority Report, the more immediate marketing applications for biometrics are likely to focus on letting consumers protect their personal information.
As said by Mark Viden, senior vice president of brand at nonprofit hospital chain CommonSpirit Health, “Making the decision to tap such personal data fast-tracks an intimate relationship between a brand and consumers,”.
Click HERE to learn more about the future of biometrics in retail.
Retail Snippets.
Shrink theory: The retail industry’s biggest problem is about to become a huge opportunity.
Cosmetic makeover: How Amazon Is transforming a sensory-based industry through digital.
Fast or last: Deliveries keep getting faster. Will it last?
Random Irrelevance
Best of the best: The world’s 50 best restaurants for 2023 revealed.
First look: Spacecraft snaps incredible images of Mercury as it skims surface.
Recharge: Safety probe launched into 40,000 Hyundais after reports of power loss.