GPT-4: The Future of AI in Retail
🤖 Introduction
Artificial Intelligence (AI) has been a buzzword for quite some time now, but people are starting to wonder about its utilization and how it can be made real. The ideation phase has gone full circle, and there are plenty of use cases out there that we want to explore. Microsoft partnered with IDC, and the early results show a three and a half return on investment dollar spent gives you 350 back. The question now is, what's the ROI going to be? AI is becoming more embedded in business processes, and the ROI will increase significantly. In this article, we will explore the future of AI in retail and how it can help businesses.
🛍️ The Intersection of Technology and Empowerment
Co-pilot is a term that has been buzzing around lately, and Microsoft's position around co-pilot is exciting. The productivity gains with the white-collar workforce are creating a lot of excitement, but the productivity that we're going to see in retail with the frontline worker is where the real excitement lies. The intersection of technology and the empowerment and enablement of technology at the hands of the store associate is where the future of retail lies. Creating an employee experience that transfers over to the customer experience is the key to success. Things like next best action at a handheld device of well, what do I need to be doing now? The co-pilot utilization is exciting in our industry.
👀 Vision AI
Vision AI is where vision technology meets AI technology. Retail is a very progressive user of camera technology overall, stemming from the security space. We've been doing a lot for years, and it's been an interesting year. All these topics we talked about right, and all the attention on AI, and we've absolutely seen things tip from experimenting and investigating to deploying and piloting, which is pretty fun for us. We've taken the high-quality image sensor and married it with AI capability all on the same chip. We're doing AI at the edge, so you get very fast performance, very low battery. We're effectively providing right off the camera insights that retail cares about typically.
🤝 Generative AI
Generative AI is the ability to replicate a sales associate to help guide you through a conversation to get to that point of sale. It's the opportunity to reduce the amount of hours that generative AI is helping with your content creation. The AI concierge is going to replicate that example like Sergio. It's going to ask me two to three questions and then direct me to my lifestyle and brand fits. The third is really customer service, and think of it as customer service in two aspects. First, customer service that deflects cases away from your service desk. Second, generative AI to help do some of the busy work that your support personnel are working on.
🚀 The Future of AI in Retail
The future of AI in retail is exciting. We're seeing a lot of generative AI use cases, and it's becoming more embedded in business processes. The convergence of IoT and in-store technologies is bringing together what we call an adaptive channel or Omni-Channel integration. You're able to recognize the customer in-store using the IoT and Edge Computing Technologies, and with generative AI, you're able to personalize online as well. Leakage prevention and fraud detection are significant for retailers. They lose about $150-$160 million in revenue, so we really work on those areas. Generative AI and clustial model are going to coexist and augment each other to drive better performance for models as well as business.
👍 Pros
- AI can help businesses increase their ROI significantly.
- AI can help businesses create an employee experience that transfers over to the customer experience.
- Vision AI can provide right off the camera insights that retail cares about typically.
- Generative AI can help businesses reduce
