Entrupy’s Post

If you look at any tech innovation through history, the companies who have tried to use that new innovation to replace their human workforce have suffered or failed. It's instead the companies who equip their people with the best technology and understand that a combination of tech + human intervention = the best of any innovation.

The headlines for AI in retail have been touting that "73% of consumers believe AI can have a positive impact on their customer experience." Strangely, they don't really touch on another statistic from Redpoint Global's report: "77% of consumers believe positive customer experiences still need an element of human touch." Last we checked, 77% is greater than 73%. Of course, we're being a little facetious here: these groups aren't mutually exclusive. It's perfectly reasonable to expect AI to be helpful even if you still want a human to be involved on the other side of the transaction. But this survey of consumers does show that in the very near future, the human element will become a luxury feature for brands who want to provide that #clienteling experience to their shoppers. We're already seeing it in grocery stores (the default seems to be self-checkout, no?) and when ordering fast-food (hello robot kiosks!), and it's bound to happen in retail stores as many brands decide that the efficiency and cost-savings outweigh human representatives. We wrote about this recent on our Endear blog where we detail why brands that offer the human touch feel so... luxurious. And this will hold true, even as AI in retail becomes a bigger part of the in-store shopping experience. The human touch will be key for brands who want to keep their top customers happy and coming back to their physical locations. We think it's a given that brands will always provide a human interaction to their top 20%. What's more interesting is how AI can also provide better clienteling to the 80%. Can AI get good enough that interacting with a machine can still feel like great, personalized customer service? That's the goal, and we think it will get there. What do you think? Will AI soon be good enough to provide decent clienteling to most shoppers? Read here: https://lnkd.in/eyKWUcFJ #retailstrategy #luxuryretail #customerengagement #customerexperience

#Personalised offers are 15x better! At Collinson Valuedynamx we quietly launched our Offer Recommenders at the end of last year and the initial results are impressive...with personalised offers driving 15x more transactions than generic offers. We knew they'd outperform but it's good to have a stat to finally prove it! ➡ We have a merchant network of 10,000+ brands in 25+ markets so focus on relevancy as priority #1 🎯 ➡ Our proprietary Offer Recommenders are powered by #machinelearning so get more effective over time 📈 ➡ We have a number of #ml and #ai use cases on the roadmap to make it quicker and easier for consumers to maximise their rewards with their everyday shopping - watch this space 🕶 ➡ Shout out to the team making it happen James Miller 🙋🏻♂️ Jean Ortiz Perez Alice Wynne Stephanie Win-Hamer 👏 ➡ Get in touch if want to chat around driving more value for your loyalty proposition ☎

**Blast from the Past: Shopping 🛍️ Then and Now 🛒 #TechEvolution** 25 years ago, who could have imagined that the weekly shopping ritual, involving a stroll through aisles and the jingle of cash registers, would transform into a series of clicks and taps? 💭 Back in the day, #RetailTherapy meant visiting multiple stores 🏬, battling crowds 👥, and sometimes returning home empty-handed 😔. Now, #DigitalShopping offers the entire mall in the palm of our hand 📲, with endless options and reviews just a click away 🌐. The #ECommerceRevolution has redefined convenience 🎁, bringing the global marketplace to our doorsteps 🚪. It’s a testament to human ingenuity and the relentless pace of #DigitalTransformation 💡. Yet, there's a charm in nostalgia, isn't there? The thrill of a #FlashSale 🏷️ doesn't quite replace the joy of a bargain found in the bustling flea markets. Do you miss the personal touch of a store owner's recommendation 🗣️, or do you revel in the #AI driven suggestions of today's online world 🤖? Let’s discuss below! 👇 #ShoppingEvolution #OnlineVsOffline #digitalworld

Coveo’s 2024 Commerce Industry Report reveals what consumers expect from generative AI (GenAI) to enhance their online shopping experience. The study, based on a survey of 4,000 shoppers in the U.S. and the U.K., highlights the growing role of GenAI in guiding purchase decisions as well as insights into evolving online shopping habits across different generations. Read the full report here https://lnkd.in/eqgyqnEd

🚀 Exciting Innovation Alert at Sam's Club! 🛒💨 AI is transforming our shopping experiences! Sam’s Club has recently introduced cutting-edge exit technology, leveraging artificial intelligence to expedite checkout processes. This AI-enabled system utilizes cameras to quickly scan receipts, ensuring a faster and smoother exit. 🕒 According to Sam's Club, this tech enhancement allows customers to leave the store 23% faster than before. By the end of 2024, they plan to implement this technology across all locations. It's amazing to see how AI continues to streamline operations and enhance customer satisfaction in the retail sector! 🔍 Are you ready to experience this next-level shopping efficiency on your next visit to Sam’s Club? #ArtificialIntelligence #RetailInnovation #CustomerExperience #Sam’sClub #TechnologyInRetail #AIInAction #FutureOfShopping #LinkedInInsights 🔗 Dive deeper into how AI is reshaping commerce [link to full article or additional resources]

Don't miss my #keynote at this years Global Retail Pricing Forum from EPP - Pricing Platform in Amsterdam on how retail pricing will change until 2030. Other speakers include - Sheetal Chavan from Zalando - Noël Wang from Decathlon - Sabine Borsari from SWAROVSKI - Jan Michael Schulte from OBI Group Holding - Dr. Yola Engler from Westwing Thanks to Mariana Flores, Pol Vanaerde, Britt Dejager for inviting me. Hope to see you all there! #pricing #pricingstrategy #priceoptimization #prices #monetization #monetizationstrategies #ai #machinelearning #retail #retailinnovation

Unleash the Power of Digital Marketplaces! Transforming commerce in the digital age, these platforms redefine customer interaction, enhance decision-making, and personalize experiences. From Amazon's retail revolution to Airbnb disrupting hospitality, dive into real-life examples. Discover the evolving landscape, market trends, and future outlook shaping the global economy. Embrace the digital thread weaving unique shopping journeys and navigate the limitless potential for innovation in the dynamic world of digital commerce. Explore the full blog at https://lnkd.in/g25bfgvF #ai #digitalmarketplace #commerce #digitalcommerce #algorithmicscale

Came across an article by Forbes showcasing interesting insights on the future of retail in 2024 and beyond! The article highlights innovative approaches by brands, including the use of technology to personalize customer experience. One standout example is H&M's "One Second Suit" concept, a new shopping experience that uses AI and body scanning technology to create custom-tailored suits in just one second. This innovative use of technology not only enhances the customer experience but also demonstrates H&M's commitment to sustainability by reducing waste. How do you think brands can leverage these insights to stay ahead of the curve? #IndustryInsights #FutureOfRetail" Forbes - 5 Real-Life Examples That Show Where Retail Is Headed In 2024 And Beyond (https://lnkd.in/dV4vfnAE)

Who doesn’t love the thrill of landing a great deal? Our survey found that 57.5% were successful at getting a better price when they had haggled. Nibble, an AI-powered marvel transforming this delightful experience for both consumers and retailers! For Consumers: With Nibble, engage in exhilarating price negotiations with over 300 brands without the fear of social faux pas. Achieve wins with deals that are typically under the standard 20% discount, all within a seamless, stress-free bargaining environment. For Retailers: Nibble isn’t just a consumer champion; it's an invaluable asset for retailers. Whether it’s discreetly moving inventory, bolstering conversion rates, or gently nudging customers to add more to their carts without compromising on margins—Nibble does it all. The best part? You dictate the rules of engagement, setting parameters that ensure each sale aligns with your business strategy. Dive into a shopping experience where tradition meets technology, and every deal is a triumph of smart, dynamic negotiation! How has technology enhanced your shopping or selling experience? Share your stories and insights below! #AI #Retail #SmartShopping #ConsumerExperience #Innovation #Strategy