In today’s fast-paced global landscape, retailers are eagerly embracing the latest technological advancements to gain a competitive edge and elevate the overall customer experience. Leading this technological evolution is Generative AI, which is fundamentally reshaping retailers’ operational strategies, marketing approaches, and customer interactions. With continuous advancements in machine learning and deep learning, the growth trajectory of Generative AI is poised to expand further.
According to Statista, the Generative AI market is projected to reach USD 66.62 billion by 2024, with the […]
Technology-enabled personalization has emerged as a critical driver of superior performance and better customer outcomes in the ever-evolving retail industry. According to a McKinsey Study, personalization significantly influences buying behavior across the customer life cycle:
Driving Customer Loyalty: 76% of consumers are more likely to consider purchasing from brands that personalize, and 78% are more likely to refer friends and family to companies that offer personalized experiences. Additionally, 78% of consumers are likelier to repeat purchases from companies that provide personalized […]
In the current digital era, data drives business performance, ensures success, and maintains a competitive edge. Data empowers employees to maximize their potential, facilitates faster decision-making, and creates exceptional customer experiences. According to an IDC White Paper, businesses that have embraced mature data practices have achieved 2.5 times better business outcomes across various areas, including increased revenues and profits, enhanced efficiency, higher Net Promoter Scores (NPS), and improved lifetime customer value.
However, the reality is that data is not readily available […]
A recent article in Harvard Business Review on retailers failing to adopt Advanced Data Analytics got my attention. Despite its potential, only a few prominent players in the retail industry have fully embraced this technology. In contrast, others continue to rely on traditional tools that cannot accurately forecast market conditions and demands. Roadblocks to adoption may include organizational culture, lack of skill sets, legacy systems, and siloed data.