“One of the application examples provided by NVIDIA at the Mobile World Congress was Smart Retail (Figure 1). In this example, a network of cameras is used to keep track in real-time of which items a customer picks to buy while shopping, consistently speeding up customer retail experience.”
“But the team at Mystore-E believes they can solve that problem, with an AI tool called Tore-E that is specifically designed for retail environments. ‘Mystore-E cares deeply about the future of … shopping,’ said CEO Asaf Shapira. “Our goal is to create a personalized shopping experience that benefits retail stores, while also catering to customers’ wants, needs and style preferences.'”
“In the retail banking tech circles, artificial intelligence (AI) is one of the hottest topics for discussions. Barely a conversation with a CTO, CIO, or CMO occurs these days without mentioning the potential benefits of AI in the banking industry. And for good reason. The benefits AI can produce is staggering.
1. Accelerate customer acquisition rate
2. Leverage AI-powered selling for added revenue generation
3. Drive the share of wallet with increased customer activities”
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”
“Choice paralysis: Shopping has become a stressful activity given the rise of a plethora of brands vying in a crowded market.
‘But the brands that make the products have answers to all possible questions. That is what led me to start AskSid.ai, a conversational AI platform,’ says Sanjoy.
“The outcome AskSid produced was a staggering 40 percent increase in conversions compared to web channels and automation of 800 customer service requests with creation of 1300+ size profiles,” says Sanjoy. “
AskSid mainly delivers three business outcomes –
a) conversations with shoppers to simplifying their experience,
b) a better product catalogue to showcase products to the customer, and