IDC’s Post

Join IDC as we explore the transformative journey of the retail industry, from #Omnichannel to #FAR (Future-Forward, Autonomous, and Resilient): https://ow.ly/fEX350SyQBK Discover how #AI, Generative AI, and intelligent edge computing are reshaping retail software, hardware, and services investments, and their profound implications for the supply chain and frontline workforce. Embrace the future of retail with us. #RetailTech #AI #GenerativeAI #RetailTransformation

AI is revolutionizing the retail industry, allowing companies to optimize productivity and profitability while catering to the changing needs of today's consumer. Early adopters are already reaping the benefits. What is your next move? At HKC Construction, we service some of the top brands across the country to enhance their facilities, distribution centers, retail, and office spaces by assisting with AI and OMNI Channel optimization. By choosing HKC, you benefit from a single point of contact, national and bilingual services, innovation best practices, leveraged spend with top trades, all allowing for better projects and an increase in your ROI. Ready to innovate and build the future together? Join us and let's take your business to the next level. #ai #retailinnovation #omnichannel #omni #groceryinnovation #innovation #technology #retailindustry #retailoptimization Read more on how AI is transforming retail: https://lnkd.in/gAWzG98W

"AI not only Revolutionizing IT landscapes but reimagining the future of retail. 🌐🛒 In the ever-evolving world of retail, AI isn't just a tech trend; it's a strategic game-changer. From personalized experiences to streamlined supply chains, AI is reshaping every facet of the industry. 🚀 Elevate Shopper Experiences: Say goodbye to mundane shopping! AI-powered chatbots and virtual assistants, are here to sprinkle personalized recommendations and round-the-clock magic. Each purchase is unique; it's a journey tailored just for you! 💡 Optimize Inventory Management: No more inventory guesswork; AI analyses diverse data like sales history and market trends to optimize inventory and prevents stockouts or overstock. Accurate demand prediction and automated replenishment minimize inventory costs, ensuring products meet customer demand promptly. 🌐 Revolutionize Logistics: AI isn't just about machines; it's also about logistics! Predictive analytics, the key to efficiency, are reshaping the supply chain – reducing costs, optimizing routes, and making sure improved inventory visibility and power to react swiftly to market changes. 📊 Data-Driven Decision Making: In this data-driven land, AI analytics are the dream weavers. From pricing to product assortments, they're the architects of strategic decisions like merchandising, category management and promotion offers ensuring every move is a step towards retail glory. 🌐 Seamless Integration and Omnichannel Retailing: Gone are the days of hopping from store to store! With AI, VR, and AR seamlessly blending online and offline shopping, you get the best of both worlds—anytime, anywhere! It's like having a mall in your pocket—minus the crowds! 🛍️📱 Challenges? Of course! But in this magical realm of opportunities, AI isn't just a choice; it's the secret sauce for retailers to craft their own tale of success. #RetailMagic #AIinRetail #TechMeetsShop #CustomerEnchantment

Discover the game-changing potential of Generative AI in retail and how it will change the sector in different areas! 🤖 From data-driven promotion planning to omnichannel fulfillment and risk management, Generative AI will have a massive impact on retail in the coming years 🗓️ Let the algorithms run the show for your retail business by utilizing the right Generative AI-powered solutions, like Cognira's PromoAI 🚀 #genrativeai #retailrevolution #machinelearning #ai #promotions #aisolutions

Where's the lie, though? From physical to digital, #AI is leaving its mark on every corner of business. While brick-and-mortar stores reign supreme in #retail, they face cutthroat competition. Meanwhile, #digital shops operate in a world where rivals are just a click away. Harnessing AI can redefine the shopping journey, giving retailers the edge needed to stand out. In retail, AI fuels personalised experiences and keeps stores nimble, like using AI for smart #inventory #management through #demand #forecasting. It's not just innovation—it's the survival of the smartest! #AIinretail #AIquote #AIinventorymanagement #AIdemandforecasting #AIinbrickandmortar #AIcommerce #ecommerce

Our very own Katie McSparron shares her insights on the future of retail, based on the trends observed at the National Retail Federation (NRF) 2024 Big Show. 🔍 Here are some key takeaways: 1️⃣ AI is no longer theoretical; it's becoming a reality in retail. 2️⃣ "Unified commerce" is the new buzzword, replacing "omnichannel". 3️⃣ The human factor is crucial. Retailers are realizing that their employees are their most valuable asset. Check out our blog to discover the rest. 👉https://vi.sa/3TstHdL #NRF2024 #RetailTrends #AI #UnifiedCommerce #VisaAcceptanceSolutions

Technology is revolutionizing convenience stores. By adopting these advancements, convenience store owners can stay competitive, ensuring they meet and exceed customer expectations. Convenience store owners need to recognize the potential of these technologies and integrate them into their operations. This will prepare them for future challenges and position them as leaders who provide exceptional customer experiences. Visit the link given below ⬇️ to know more about tech Strategies to Grow Your Convenience Store. https://lnkd.in/ggxfTHd6 #ecommerce #ai #inventorymanagement #customerexperience #technology

What do you think will be retail's biggest use case scenario of AI? As per latest NVIDIA report, the Top 5 AI Use Cases in #Retail are for: 1️⃣ Store analytics and insights 2️⃣ Personalized customer recommendations 3️⃣ Adaptive advertising promotions 4️⃣ Pricing, stockout and inventory management 5️⃣ Conversational AI We noticed that there have been many marked and significant improvements in #retailtech owing to AI, some interesting takeaways from the report being as follows: 📈 Positive Impact on Revenue and Costs: Retailers have reported up to 69% reporting an increase in annual revenue from AI. Plus, 72% of retailers using AI have experienced a decrease in operating costs. 🛍️ Generative AI for Customer Experiences: 86% expressing a desire to use it to enhance customer experiences. #GenerativeAI contributes to #personalized product recommendations, adaptive advertising, product tagging, and cataloging, among others. 🤝 AI and Operational #Efficiency: Retailers are leveraging AI to enhance operational efficiency, improve customer and employee experiences, and drive overall growth. 🧴 Potential for AI in Retail and #CPG: The retail and consumer packaged goods (CPG) sectors have the highest potential for AI and analytics to competitive and address evolving customer preferences, labor shortages, and sustainability efforts. Over 60% of retailers plan to boost their AI investments in the next 18 months, recognizing AI's potential to enhance operational efficiency, reduce costs, and drive growth. The caveat is that to stay competitive, retailers emphasize the importance of an #omnichannel approach that integrates online and offline channels to provide consumers with a consistent experience. #Ecommerce remains the most used channel, with 79% actively participating, but physical stores (ranked second in revenue growth opportunity) continue to be vital. 🔗 Read the full article: link in comments.

DID YOU KNOW the top 5 ways CPG companies are using generative AI today are:   1. DEMAND FORECASTING: to examine historical data, market trends and external variables (eg. weather, holidays) for precise product demand predictions.   2. SUPPLY CHAIN OPTIMIZATION: to aid in logistics and inventory management.   3. PRODUCT INNOVATION: to analyze consumer feedback and trends, rapidly iterating product designs, and simulating consumer response.   4. CUSTOMER SERVICE: using chatbots and virtual assistants to reduce workload on customer service teams.   5. PERSONALIZATION: to deliver relevant and timely offers to consumers, thereby enhancing brand awareness while improving marketing efficiency.   If you work for a CPG company, I'd love to hear about how your organization is leveraging generative AI! Leave a comment. #AI #cpg LPi Group #grocery #retailmarketing #shoppermarketing #artificialintelligence #omnichannel