Article on retailtouchpoints July 10th on AI and Retail.
Quick Brief / Summary
- AI is coming
- Retailers exploring and new startups like Verneek have formed. We’ve covered Verneek and their terrific pilot they finished with Sprouts. Very successful.
- They include some nice data predictions — Global ecommerce sales, representing 22% of all retail sales, could increase to $5.4 trillion in 2026, from $3.3 trillion today, according to Morgan Stanley.
- Four Areas Most Likely to “Bear Fruit”
- Hyper-personalized shopping. For example, Verneek has the Quin Shopping AI. Quin helps shoppers make better and faster decisions throughout their online or in-store journeys — fulfilling any sophisticated shopping request — ranging from finding available product assortments or recipes that match a whole suite of health- or budget-related constraints — to general health and customer service. It lets you search both ways simultaneously for products “are” and “are not”
- Automated catalog and product descriptions
- Automatic price optimization
- Assistive customer service. Anyone else noticed how customer service has basically gone to the dogs since real people that understand and can be understood went away?
NVIDIA has its toolkit for AI and has been pushing its avatar AI. While not as creepy looking as earlier iterations, it still lacks texture and depth and is hampered by an AI that periodically doesn’t know what to say.
The nicest feature of NVIDIA we think is the ability to instantly speak in 20 different languages. If you have ever watched Star Trek you have seen the Universal Translator.
At the recent National Restaurant Show we had AI Restaurant Ordering via Avatar in our booth. SapientX.
AI Assist Resources
- generative AI
- Walmart says
- Levi Strauss plans
- Startups including Fashable and Verneek
- Global ecommerce sales, representing 22% of all retail sales, could increase to $5.4 trillion in 2026, from $3.3 trillion today, according to Morgan Stanley.
- Consumers today are continuously looking for the best prices before making a purchase decision
- Surveys have shown shoppers increasingly are seeking quick, accurate and personalized service
- Learn more about generative AI for enterprises
As VP of Retail, Consumer Product Goods and Quick Service Restaurants at NVIDIA, Azita Martin leads the Retail team. She is responsible for global go-to-market strategy in the vertical. She advises senior executives on best practices of leveraging AI to improve operational efficiencies and identify new revenue streams. Prior to NVIDIA, Martin was the Chief Marketing Officer at Maana, an AI software platform used by industrial companies to accelerate building AI applications. Martin has been working with the Chief Digital Officers and heads of analytics/AI of Fortune 500 industrial companies and is intimately familiar with the top AI use cases that are demonstrating business value.
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