Generative AI is rapidly disrupting retail, changing customer experiences, marketing, operations and more.
This week, we explore the technology that is changing the industry and look onward towards the trends that will shape 2024.
Today’s Rundown
Social success: Black Friday retail sales up 2.5% year-over-year.
Survey: More holiday shoppers to buy with small businesses.
OUT NOW – Q2 2023 Benchmark Report: Click HERE to see how your store compares to the industry average.
Generative AI makes a retail wave (literally)
Whether you find generative AI scary, useful, or confusing, it’s hard to deny the waves it has made across nearly every industry.
Generative AI is rapidly disrupting retail, changing customer experiences, marketing, operations and more.
Generative AI has become more feasible in the last few years thanks to advancements in transformers, a type of machine learning that has allowed researchers to train larger models without having to label data, and large language models (LLMs), which put billions of parameters around that data.
No matter if you are looking to Reimagine Customer Experience, Support Customization at Scale, or Generate Actionable Business Insights, the possibilities are truly endless.
Click HERE to see the growing list of possibilities.
2024 Trend Watch
Knowing that consumers today are adept at balancing frugality and indulgence, in 2024 we expect to e-commerce to take on an even more dominant role, and in-store shopping to make a major comeback.
The majority of consumers now use at least three channels for each purchase journey. And while 75% of consumers want a seamless omnichannel experience, only 25% are satisfied with the experience that retailers provide.
As we keep seeing more and more, consumers are gravitating toward sustainable products. 84% say that sustainability is a very important factor in their purchase decisions. However, 50% say they’re not sure whether they would pay a premium for sustainable products in times of inflation.
Retail Snippets
Retail Subscriptions: Why consumers with retail subscriptions shop less often at physical stores.
Survey: More holiday shoppers to buy with small businesses.
Coffee trouble: Starbucks reaches record-breaking streak of losses.
Random Irrelevance
Winter snow storm: Potential ‘Pineapple Express’ developing in the Pacific could soon soak PNW.
Blinding light: One of the brightest stars in the sky will ‘blink out’ on Dec. 12. Here’s how to watch.
Dark matter: 23andMe confirms hackers accessed data of 6.9 million users.
