1. AI and Gen AI are delivering on their promise in two key areas: operational efficiency and customer experience
AI and Gen AI are delivering actual return on investments by driving efficiency and enhancing the customer experience. The high-value benefits include improving supply chain efficiency, empowering sales associates with product and customer data, enabling self-checkout and preventing theft.
2. A retail media strategy is a must-have to drive margins
Retail media is bringing additional revenue and margin to retailers, be it by generating new advertising revenue or capturing media incumbents’ revenue. From onsite to off-site and in-store, retail media offers different benefits for North American and European retailers. However, for both, the larger the number of brands they distribute, the larger the potential to widen margins.
3. RFID is meeting new demand for mitigating loss and streamlining the end-to-end supply chain.
RFID is not new, but this technology is gaining traction today when combined with video analytics, AI or IoT. From facilitating self-checkout to preventing loss, enhancing stock accuracy, streamlining inventory tracking, and preventing supply chain disruptions, RFID has significant potential to reduce costs and grow revenue.
4. Empowering store associates with the right information at the right time is key to driving revenue
Store associates will play a key role in enhancing the customer experience to drive revenue. Equipping them with customer, product or supply chain information will enable them to improve the customer journey, which in turn can trigger additional sales and drive loyalty. AI will enable retailers to leverage the wealth of data to empower their employees.
5. Elevating the customer experience relies on personalizing the customer journey in-store and online
After focusing on digital channels, enhancing the customer experience in-store has become a priority again. Harnessing customer data, AI, and an agile supply chain can help personalize interactions to elevate the customer experience.