While several approaches exist to achieve these goals, consistent, highly targeted personalization is paramount for consumer satisfaction and loyalty. Modern retail has ushered in cutting-edge technologies that drive highly curated shopping experiences. GenAI has emerged as a game changer, transforming how businesses interact with customers on a deeply personal level. GenAI has become a topic of mainstream discussion within one year of its introduction, seeing widespread adoption among retailers and consumers alike.
According to a recent NVIDIA survey, 98% of retailers plan to invest in GenAI over the next 18 months, making retail one of the fastest adopters of GenAI to transform experiences and improve efficiency. With a potential market size of $400–660 billion, GenAI holds tremendous promise. According to a Salesforce survey, 17% of buyers have already used the technology for inspiration, with another 45% interested in its potential. GenAI will significantly improve the entire user journey for retailers and consumers by enhancing operational efficiency, driving cost and time savings, and improving the shopping experience.
Inventory and supply chain optimization: Predict product demand through GenAI, making estimates based on trends, seasonality, past sales data, and other variables. This can enhance inventory control by reducing the frequency of stockout and overstock.
Merchandising and product onboarding: Create marketing and advertising materials, including graphics, sounds, typefaces, films, and 3D models, and showcase products in various scenarios with custom photos. Leverage GenAI and computer vision to generate product attributes, descriptions, meta tags, and cataloging for ecommerce based on product photos.
Service chatbots and conversational AI: Offer virtual support, language translation, order status, search, product recommendations, email and chat support, and more to customers and agents with AI assistants. Obtain multilingual voice, text, video, and image responses to frequently asked questions.
Personalized omnichannel experience: Assess consumer preferences, purchase history, and behavior to develop customized product recommendations that improve shopping with curated ideas, increasing the probability of a customer completing a purchase.
Customer service automation: Automate tasks agents and boost productivity with large language models (LLMs), chatbots, conversational AI, and contact center and GenAI technologies.
Store process optimization: Simplify retail operations by synthesizing realistic data for inventory management, targeted marketing, and virtual shopping experiences. Improve customer engagement, anticipate consumer preferences, and optimize stock levels, resulting in more productive operations and increased sales.
Innovation and product development: Create new product designs or variations based on consumer preferences and market trends, driving innovation and potentially creating more profitable products.
Brillio leverages GenAI and LLMs to address clients’ unique business needs with industry-specific and contextual data. We build, manage, and test GPT-4 models, ensuring regulatory compliance and cost efficiency. We offer various solutions to enhance customer experience through generative design marketing and data-driven transformation. HFS Research has also recognized us as a Horizon 2 Enterprise Innovator for our work in developing industry-specific GenAI solutions.
GenAI creates innovative customer experiences while streamlining challenging backend processes, empowering retailers that embrace the technology to gain a significant competitive advantage. Explore the world of GenAI and leverage it to your advantage, creating a lasting.
