In the ever-evolving retail landscape, the key to success lies in hyper-agility. Forward-thinking retailers are turning to disruptive technologies like Generative AI (Gen AI) to navigate the dynamic market of 2024 and beyond.
The past year showcased the resilience of retailers who prioritized customer empathy and personalization. As the connection between brands and consumers deepens, the challenge for retailers in 2024 is to fortify this bond and deliver even greater value. To achieve this, retailers must embrace hyper-agility, adapting in real-time, unlocking new niches and evolving into trusted partners deeply integrated into customers' daily lives.
By harnessing the combined power of data and Gen AI, retailers gain actionable insights that re-define decision-making processes and lead to customer-centric innovation. Beyond cost optimization, Gen AI facilitates a comprehensive understanding of consumers, allowing for personalized approaches to merchandising and campaigns, resulting in increased customer satisfaction and loyalty.
The article anticipates that leading retailers in 2024 will go beyond traditional retail boundaries. Empowered by enhanced insights, they will extend their remit to become trusted partners, exploring innovative options such as Buy Now, Pay Later schemes with tie-ins to travel and hospitality brands. Gen AI's synthetic data generation capabilities will be integral in shaping these services, providing transformative insights into customer sentiment.
Read the full article authored by Manish Vora, Business Unit Head of Manufacturing, Retail & Consumer Products at WNS, for TotalRetail.
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03 December 2021
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