A recent IBM study has unveiled the potential of Generative AI in transforming retail, meeting the rising consumer demands for a personalized and seamless shopping journey across both online and in-store platforms.
The IBM Institute for Business Value's global study, titled "Revolutionize retail with AI everywhere: Consumers won't wait," surveyed nearly 20,000 individuals, revealing a noticeable disconnect between consumer expectations and current retail offerings. Only a small fraction of consumers are satisfied with current in-store (9%) and online (14%) shopping experiences.
Generative AI emerges as a pivotal solution in this landscape, with 59% of consumers expressing interest in utilizing AI tools during shopping. The technology's potential extends to product research, deal hunting, and customer service, with personalization and targeted offerings being particularly appealing.
IBM, in collaboration with Samsung and Workday, has developed the Workforce Experience (WEx) solution, focusing on empowering retail workers with technology to enhance operations and customer satisfaction. WEx combines IBM Consulting's iX application design and WatsonX AI capabilities with Samsung's mobile technology and Workday's Human Capital Management applications.
Furthermore, IBM and SAP are joining forces to implement AI in the consumer packaged goods (CPG) industry. Their joint efforts aim to enhance supply chain management, sales, and services, addressing store-level assortments and product distribution challenges through AI.
Conclusion
IBM's report and initiatives underscore Generative AI's growing significance in the retail sector. By enhancing customer experiences and optimizing retail operations, IBM's AI-driven solutions are set to redefine the shopping landscape, aligning with evolving consumer preferences and technological advancements.
