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ARTIFICIAL INTELLIGENCE IN RETAIL: AN EXECUTIVE PERSPECTIVE

As digital consumerism continues to reshape shopper expectations, the retail C-suite is excited about the possibilities artificial intelligence offers across the retail value chain. However, it is essential to prioritize use-cases that matter most to their business.

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Q1, 2020

Retailers have a clear transformation mandate, as digital consumer empowerment evolves.

We are in a retail renaissance.

Both digital upstarts and incumbent retailers are re-imagining stores as hubs of experience, convenience and service.

Experience.

Immerse shoppers in the brand, and engage and delight them to convert brand loyalty into brand love. Shoppers seek:

  • Authenticity of brand storytelling
  • Immersive experiences that entertain
  • The richness of digital in brick and mortar
  • Stores that fit increasingly urban lifestyles

1 in 2

retailers say they primarily value stores as drivers of brand value.

Convenience.

Compete more effectively against convenience leaders such as Amazon by using stores to:

  • Improve online order fulfillment speed
  • Offer new fulfillment options to shoppers
  • Ensure online to offline experience continuity
  • Reduce friction from payment and checkout

76%

of retailers will increase the number of online orders their stores fulfill.

Service.

Go beyond a transactional relationship to better serve shoppers’ pre and post purchase journey through:

  • Timely, empathetic assistance
  • Personalized fit and style advice
  • Relevant value-added services
  • In-store self-service options

4 in 5

retailers plan to improve or increase in-store services in 2020.

Apparel and specialty retailers are experimenting with, and scaling, five unique store formats that deliver a combination of experience, convenience and service. These store formats are reshaping the future of brick and mortar retail.

Add convenience and service by removing customer friction points.

Cashless payments, flexible BOPIS options, and locker try-ons are a few ways retailers are defining unique value for customers. Shoppers increasingly expect easy and fast experiences across channels.

As proximity mobile payment users reach 61.6 million, more retailers are adding cashless and digital payment methods.

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Turn brand loyalty into brand love by personalizing relationships.

Retailers can’t compete with the likes of Amazon and Walmart on convenience alone. They must differentiate through stronger brand value, more contextual engagement and by experiences that surprise and delight.

Greater personalization boosts customer spending and brand satisfaction.

110% increase in basket size
40% increase in average order value
20% rise in net promoter score

Improve operational efficiency using insight and automation.

Sustaining amazing customer experiences at scale requires a strong operational core: agile supply chain, next-gen merchandising, profitable store operations and dynamic workforce management.

95%
retailers plan to invest in technologies that help increase operational efficiency to remain competitive and relevant.

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