Tuesday, July 23, 2024

Unveiling NRF 2024: IBM’s Generative AI Breakthrough

NRF 2024’s Integrated Experience

Technology breakthroughs and shifting consumer tastes are driving a revolution in the retail sector as we approach 2024. Modern consumers demand a customized shopping experience that includes convenient product options, thorough information, a variety of payment options, and a smooth transition between in-person and virtual experiences that are catered to their unique tastes, according to a recent IBM Institute for Business Value study.

Retail settings that are both cohesive and intuitive while also being precisely tailored to each customer’s needs can be created with the aid of generative artificial intelligence (AI). At NRF’24, IBM’s offerings, focus, and solutions are centered around AI-driven technologies.

AI-Driven Improvements to the Retail Experience Are Well-Received by Customers

Customers’ expectations and the state of retail offerings today are very different, according to a global study conducted by the IBM Institute for Business Value. Ahead of NRF, a survey titled “Revolutionize retail with AI everywhere: Consumers won’t wait” revealed a lack of satisfaction with the retail experience among almost 20,000 respondents worldwide. Of those surveyed, only 9% said they were happy shopping in stores, and only 14% said they were happy shopping online.

In order to improve the overall shopping experience, technology may be crucial. A majority of respondents (59%) expressed interest in utilizing artificial intelligence (AI) applications during their shopping experiences, and 4 out of 5 individuals who have not yet utilized the technology for shopping stated they would be open to trying it for various purposes such as customer service (82%), deal hunting (79%), and product research (86%). Given that 52% of consumers surveyed expressed interest in receiving offers, promotions, and information from stores that are relevant to their particular interests, retailers stand to gain from personalization and targeted offerings.

For those who are currently using AI assistants, there is still a glaring disparity in their level of satisfaction. The survey results indicate a mismatch between consumer expectations and current technology offerings, with only about one-third of consumers who have used virtual assistants reporting being satisfied with the experience and nearly 20% saying they would never use them again.

Technology empowers frontline retail workers: IBM, Samsung, and Workday collaborate

C-Suite executives face new challenges and increasing pressure to increase revenue and expand margins as the retail industry struggles with inflation, growing labor costs, changing workforce expectations, and hiring difficulties.

The strategic solution, Workforce Experience (WEx), is the result of IBM’s partnership with Samsung and Workday. Utilizing Workday’s Human Capital Management (HCM) and Workday workforce management applications, the custom retail solution gives front-line retail employees the technological tools they need to optimize operations. It does this by combining the strength of IBM Consulting’s iX application design and Watsonx AI capabilities with Samsung mobile devices.

The purpose of WEx is to increase employee retention, enhance customer satisfaction, and foster associate and manager productivity. Using generative AI to measure store metrics and performance and assist associates with product availability, the solution leverages automation to help solve common problems like task management and employee onboarding. With the use of a centralized, user-friendly interface that incorporates alerts and nudges, it is intended to shorten the time required to train associates. Additionally, Workday provides on-the-go opportunities for training and development. Further in-depth product availability information is also provided by WEx to store associates, which benefits customers.

IBM will be showing at NRF how WEx can give staff members the technology they need to deliver the kind of customer service that consumers demand. View a demo by visiting NRF booth #5006.

Enhancing the SAP industry for the consumer packaged goods (CPG) sector

Artificial intelligence (AI) has a significant back-office role to play in the retail industry, in addition to improving the customer experience and assisting associates in meeting customer expectations. AI and gen AI will be used by IBM and SAP to help CPG and retail clients improve their supply chain, finance operations, sales, and services. These companies will talk about this strategy at NRF.

Solutions driven by AI aim to tackle the challenges associated with product portfolio management and the business process of direct store delivery. The SAP Direct Distribution solution can be integrated with secure and scalable AI solutions that are being developed in collaboration with IBM Consulting and SAP for CPG clients across the globe.

Using AI and gen AI, the new solutions would be made to help CPG companies, wholesale distributors, and retailers manage store-level assortments more effectively, enhance product distribution, and generate additional revenue.

Enhance transportation planning and execution :Improve the implementation and planning of transportation CPG businesses could improve delivery routes to help cut costs and their carbon footprint by integrating data like weather, traffic, and local events into SAP Direct Distribution.

Improve store-level assortments: The solutions could make product recommendations and include preliminary planning so that enough products are added to the assortment to help maximize sales. They could also take into account sales patterns, expected demand, market dynamics specific to each store, and the current product mix. SAP and IBM Consulting joint clients may be able to handle last-mile distribution in order to save waste and efficiently determine the most profitable options.

Automate order settlement: By leveraging intelligent workflows in the SAP Direct Distribution last-mile distribution component, CPG companies can proactively achieve operational efficiencies and improve settlement accuracy.

Additionally, IBM will use NRF to showcase a number of features of our Watsonx generative AI platform, including Watsonx.governance, an effective suite of tools for managing risk and controls across the enterprise. Visit booth #5006 at NRF to see a demo and learn how Watsonx can improve your store’s operations, customer engagement, and personalization.

With Kroger, transforming the supermarket aisle

Beyond NRF’24, general artificial intelligence (gen AI) has the potential to revolutionize many industries’ business practices, including supermarket retail. This disruptive technology is ready to be adopted by the consumer sector: Among CEOs of consumer products and retail, 42% and 59%, respectively, anticipate artificial intelligence (AI) encompassing machine learning, deep learning, and gen AI to be the most effective technology in achieving desired outcomes within the next three years.

Forward-looking

In order to satisfy customers’ evolving needs as ecommerce develops and in-store commerce bounces back, businesses in the retail sector must undoubtedly be ready for 2024. IBM looks forward to assisting retailers in making the most of this cutting-edge technology, and Gen AI can play a significant role in that readiness.

Thota nithya
Thota nithya
Thota Nithya has been writing Cloud Computing articles for govindhtech from APR 2023. She was a science graduate. She was an enthusiast of cloud computing.
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