The Impact of AI on Retail Transformation
The annual Xcelerate conference, an exclusive event, took place in Paris from October 16 to 19. This remarkable gathering was organized by our strategic partner, SymphonyAI Retail CPG, which holds the esteemed title of being the world’s premier provider of comprehensive artificial intelligence (AI)-enhanced solutions for marketing, merchandising, and supply chain management in the retail and manufacturing sectors.
Distinguished representatives from globally recognized companies such as Marks & Spencer, Albertsons Companies, Southern Co-op, Metro, Casino, Forrester, Retail Economics, Deloitte, Microsoft, and Oracle graced the conference with their presence. They shared invaluable insights and experiences in the realm of AI, particularly in the context of retail.
We’d like to highlight seven key takeaways from the expert presentations to provide you with a comprehensive understanding of how AI is already reshaping the rules of the game in the retail industry:
- AI Is a Long-Term Game Changer: SymphonyAI Retail President and CEO, Manish Choudhary showed how data strategy is key to digital transformation and discussed what every business will need for AI-led transformations in the future. Learn more about Manish’s five stages of artificial intelligence-led digital transformation in his book Undisrupt available to order here.
- AI’s Efficiency: Properly configured AI can swiftly deliver desired results. By entrusting routine tasks, such as data analysis, to AI, staff can be relieved of mundane responsibilities, enabling them to focus on more critical functions.
- AI’s Cost-Effective Nature: AI empowers businesses to accomplish more without expanding their workforce. Nevertheless, it should be seen as a «co-pilot» rather than a complete human replacement.
- Transforming Employment: AI is reshaping the employment landscape. As AI technologies advance, some professions may become obsolete, but new roles will emerge. There will be a growing demand for «task setters for AI» who can formulate prompts and requests to yield accurate AI-driven decisions.
- Customer-Centric AI: Retailers gain a competitive edge by addressing customer needs. Whether it’s locating a product not in stock at a specific store or facilitating transfers between stores, providing solutions that meet customer expectations is pivotal for retaining business. Enhance your customer-centric approach with tailored AI solutions from Atriny Group.
- Data Security and AI Regulation: In Europe, organizations like DSA and AIAct-EU will regulate consumer data usage and oversee the reliability of AI technologies and the companies employing them. Retailers should invest in modern solutions to enhance cybersecurity.
- Trust and Verification of AI: Not all AI tasks yield equally successful results. AI requires training to function effectively within the context of a specific retail chain or its warehousing operations. For instance, reducing product assortments using AI necessitates consideration of factors such as demographics, pricing, and seasonality. Pilot testing should be conducted initially in a small cluster of stores before scaling to other locations in the network. Explore these AI insights with business support from Atriny Group.
Transitioning from Theory to Practice
The Casino Case It’s essential to acknowledge that the incorporation of AI technologies in retail is met with apprehension and skepticism among retailers. However, the most forward-thinking among them are already witnessing promising outcomes. For instance, the French retail chain Casino conducted a six-month test in 15 stores, resulting in improved sales forecast accuracy and a 15% increase in sales at seasonal stores, along with a 5% increase in other participating stores.
Artificial intelligence in retail isn’t just a fleeting trend; it’s an integral component of the future. Retailers should commence preparations for these transformative changes today. SymphonyAI Retail CPG remains committed to enhancing and expanding this technology, making it more accessible and beneficial to retailers.
As Lisa Bennett noted, Global Events Director, SymphonyAI Retail CPG, – “This year’s event was an exceptional gathering of 150 industry leaders, innovators, and experts, where we explored ground-breaking ideas, shared knowledge, and fostered connections.
At Xcelerate, we announced our suite of co-pilots for retailers and CPG manufacturers, bringing powerful generative AI capabilities to our intelligent merchandising, supply chain, and store and space product suite. We unveiled the Category Manager co-pilot and Demand Planner co-pilot and showcased how these innovative solutions revolutionise how retailers optimise their operations, make more informed decisions, improve accuracy, and uncover growth opportunities.”
View the highlights video here