“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
“Walmart this morning unveiled a new “store of the future” and test grounds for emerging technologies, including AI-enabled cameras and interactive displays. The store, a working concept called the Intelligent Retail Lab — or “IRL” for short — operates out of a Walmart Neighborhood Market in Levittown, N.Y.
Similar to Amazon Go’s convenience stores, the store has a suite of cameras mounted in the ceiling…the cameras will monitor inventory levels to determine, for example, if staff needs to bring out more meat from the back-room refrigerators to restock the shelves, or if some fresh items have been sitting too long on the shelf and need to be pulled.
For store associates, the system allows them to stop constantly walking the store to replace inventory — instead, they’ll know what to bring out from the back room before the doors even open to customers that day.
An interactive wall lets customers have fun with AI — it demonstrates how an AI system can estimate body positioning. But really it’s meant to make all this new technology seem less intimidating.
the future concepts Walmart will test at IRL after meat inventory levels are using the AI system to ensure that there are shopping carts available at all times and that registers are open and staffed.
IRL is a concept designed by Walmart’s tech incubator Store No 8, which runs several ventures to test new ideas in retail. Earlier this year, it launched a startup that offers VR tours to enhance the shopping experience, and in 2017 it began testing a personal shopping service called Code Eight in NYC.”
“The widespread use of smart phones makes the device a primary target for implementing AR technology. With smart phones comes mobile apps, and those that feature personalized AR navigation can help retailers deliver a new level of customer engagement in-store. Whether a consumer wants to search for a product by general term, specific brand name, product or unique product code, apps like these enable the shopper to search in a variety of ways, according to their individual needs.
Once a shopper finds the desired product on the app, they can tap on the item to begin navigation from the shopper’s precise location to the product’s shelf location. By simply following their phone’s AR-enabled navigation to each item, the shopper can complete their trip with more ease than ever before. Using AR to better navigate a store according to preferences or existing shopping lists allows customers to experience easier findability and increased discovery of applicable products.”