Like It Or Not, Artificial Intelligence Is Coming To Every Part Of Retail

  • “COI Energy Services. In just a few hours, they can install and set up their software. Over a year’s time, they will save a supermarket of 50,000 square feet $60,000 on their electric and gas costs, that’s 40% of their total costs. That’s not theoretical, Publix Supermarkets, the fifth largest grocer in the country, uses the system and is rolling it out to all its stores.”

How Levi Strauss is upskilling its workforce to embrace data and AI

Image Credit: Dean Takahashi
  • “Levi’s deploys AI to build better relationships with its customers and optimize its profit margins. While most companies bring in engineers to scale up machine learning operations, Hendrickson said, Levi’s deviates from the norm by teaching its existing workforce how to work with data and new technology through a boot camp”

Retailers No Longer Compete Against Each Other, But Against Amazon Marketplace

  • “Mastercard’s Spending Pulse data for holiday 2020 found that while department stores’ overall sales fell 10.2 percent during the season, their eCommerce sales only rose 3.3 percent.
  • Amazon enjoyed a 14.3 percent market share for all clothing and apparel sales during 2020’s third quarter versus just 9.5 percent a year earlier. By contrast, Walmart’s share of apparel fell to 7.4 percent during the same period, down from 10.5 percent a year earlier.
  • 37 percent of U.S. consumers surveyed interested in direct-to-consumer sales. The No. 1 reason cited — loyalty to well-known brands”

Autonomous retail startup Standard Cognition acquires competitor Checkout Technologies

“As cashiers across the country take precautions to limit interactions with customers in the midst of the COVID-19 pandemic, it’s hard to think of a better time for the rollout of an Amazon Go vision of autonomous retail.

Standard Cognition CEO Jordan Fisher has been building towards that future for the past several years. His startup has raised over $86 million”

As Walmart becomes a lifeline, online sales surged 74%

  • “Online sales in the U.S. jumped 74% for its fiscal first quarter that ended April 30, which captured the brunt of the pandemic’s outbreak. Same-store sales rose 10% at U.S. Walmart stores on strong sales of food, health and wellness goods.
  • Ken Perkins, president of research firm Retail Metrics, said he expects earnings will be down 36.6% for the 103 retailers he tracks compared to the year-ago period.”