The power of context in our digital world and how AI can interpret it

  • “In times gone by, you would get to know your village shopkeeper and they would get to know you. You’d have a friendly exchange and buy the things you need for your family. Once in a while they would say something like “I’ve got in some more of that hot chocolate you like, if you’ve run out.” It would be hard to take offense at that exchange. Sure, it’s salesmanship, but it’s useful to you — it’s potentially going to create a great experience for you. So, therefore, you don’t mind.
  • The difference that context makes is huge. It is no longer blindly selling to anyone that will listen. It is proposing a useful service that the customer is likely to want or need — so everyone benefits.”

How data exchanges can level the digital playing field

“One possibility to realize this vision is to create an exchange to determine the value of data, much like commodity exchanges…As data exchanges publish value, people could see the value of their data and make an informed decision about whether to provide this to the exchange. This also needs to be complemented with “intended purpose”, as opposed to the historical trend of “source of origin” regulation of data, which may be enforceable through, for exam”

50 Retail Innovation Stats That Prove The Power Of Customer Experience – Forbes

Let me begin by acknowledging that I’m a full-fledged data geek. With that in mind, these are my favorite articles. Forbes has just published a consolidated list of 50 Retail/CX stats. Plus, the data is from top-tier sources. This is literally gold when it comes to developing a business case for capital funding.

Check out the Forbes site for the full list, but here are a few of my favorites:

  • “In 2018, 51% of e-commerce brands offered same-day delivery, up from 16% in 2017. Experts predict that within the next two years, 65% of retailers will offer same-day delivery. – BRP Consulting
  • 87% of consumers begin their shopping journey with digital, a jump from 71% in 2017. – Salesforce
  • 48% of shoppers have left a brand’s website and made a purchase from a competitor because of a poorly personalized experience. – Marketing Dive
  • 87% of customers will abandon their online carts if the checkout process is too difficult. – PRWeb
  • 82% of consumers consult their phones while they’re in a store deciding what product to buy. One in 10 of those people end up buying a different product than they had planned. – Think With Google
  • By 2020, more than 40% of data analytics projects will relate to customer experience. – Gartner”

Social data and sentient AI

  • “We live in a world peppered with countless digital interfaces, devices and platforms, which makes our online and offline space a behavioral-data-goldmine. Further development of cutting-edge technologies – from 5G to deep learning and ubiquitous computing – means the ability to gather and decipher behavioral patterns and anomalies in real-time and real-space will be boundless.
  • ‘We can write equations about it. We can predict it. We can influence it.  We can engineer it,’ says Alex (Sandy) Pentland – an MIT professor, data scientist, author and social physics pioneer.”

SAP retail chief: Why more retailers need to harness data differently

  • “Yet with SAP’s 2018 Digital Transformation Executive Study finding just 3 per cent of retailers have completed digital transformation projects, most of which focused on efficiency and cost cutting, there’s clearly still a long way to go before brands successfully harness digital for more disruptive innovation in the retail experience.
  • Again, however, only a small percentage of data is being used by retailers in decision making. While these organisations tend to collect as much data as they can, squirrelling away for future use, they’re still not able to ascertain its significance, Schneider agreed.
  • An example is Adidas in Russia, which used existing cameras plus RFID readers and RFID tags on garments and products to improve real-time inventory accuracy in its physical store from 60 per cent to 99 per cent. Adidas is now looking to rollout the approach globally.”