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AI IN RETAIL

🛍️ Transforming Retail With AI: 3 Key Insights from 2024 Consumer Study

Shopping needs a makeover, and customers want it now. in-store and online shopping face challenges. A survey of 20,000 consumers across 26 countries reveals dissatisfaction, with only 9% satisfied with in-store experiences and 14% for e-commerce. The 2024 consumer study delves into customer preferences and behaviors, spotlighting the need for a connected, tech-infused shopping journey.

Here’s the breakdown:

1️⃣ Customers’ AI demand:

• Over 50% express interest in using bots, virtual assistants, augmented or virtual reality, and AI applications.

• 86% want AI for researching products, 79% for deals, and 82% for service-related queries.

3️⃣ Embrace AI-driven Operations:

• Consumers crave quick, precise product discovery.

• 2 in 3 consumers shop in-person, relying on physical stores. Meaning, physical stores remain relevant—Anticipatory AI enhances in-person and online experiences.

• AI-driven inventory management aids accurate demand forecasting, crucial for optimizing operations.
  

The Bottom Line:

For retail success, brands must prioritize AI integration, personalize experiences, showcase sustainability efforts, and embrace real-time operations. Meeting these expectations ensures growth, customer satisfaction, and adaptability in a rapidly transforming market. 

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TIP OF THE DAY

Insights from Paul Couvert 👇

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HOT NEWS

🤖 Duolingo Dismisses Contractors Amid Growing AI Integration

Duolingo, recognized for innovative AI use in language education, has downsized 10% of its contractor workforce, partially influenced by AI's role in tasks. Sam Dalsimer, Duolingo's Head of Communications, clarifies that attributing layoffs solely to AI is simplistic. This AI integration aligns with CEO Luis von Ahn's vision of global education expansion. Time lauded Duolingo as one of 2023's top influential companies.

🛍️ Amazon Boosts Fashion Experience Using AI Technology

Amazon's AI-driven approach to online fashion shopping delivers personalized size recommendations through a deep learning algorithm, which factors in brand sizes, customer preferences, and reviews. The addition of AI-generated fit review highlights and a fashion fit insights tool further ensures sizing accuracy and product refinement, embodying Amazon's commitment to "make Amazon Fashion for everyone," catering to diverse customer needs.

📸 Getty and Nvidia Partner to Revolutionize Stock Photos with Generative AI Technology

"Generative AI by iStock," a Getty Images and Nvidia partnership, offers an AI-driven stock photo service for small and medium businesses. Trained on Nvidia's Picasso model, it efficiently generates precise images at $14.99 for 100 prompts. Unique from Getty's enterprise-focused AI, it excludes editorial images to prevent trademark issues and caps legal indemnity at $10,000. Upcoming enhancements include Inpainting and Outpainting features.

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