Toshiba Global Commerce Solutions’ Post

Did you know that you can re-set your retail operations for success in just 12 days?💡 As retail sales face a challenging downturn, consumers grapple with affordability issues, altering their spending habits and store preferences. Rising costs in goods, energy, transport, and staff threaten profitability for many retailers. Amid this shifting landscape, there lies an opportunity to transform and thrive. Mastering retail performance through AI-driven price and pack size intelligence empowers retailers with: 📊 Real-Time Insights: Continuous access to up-to-the-minute data for informed decision-making. 🌐 Efficient Competitor Comparison: Gain a clear understanding of your sales assortment stacks compared to competitors. 🚀 Resource Efficiency: Manage a diverse sales assortment without talent constraints. 💡 Swift Offerings: Capitalize on well-timed product offerings through streamlined processes. 📈 Enhanced Overall Success: Achieve elevated sales and portfolio success, creating a competitive advantage in the dynamic retail landscape. Our data shows that currently, this task takes 68 days on average. With our approach, it takes only 12 days. Learn more about our AI-driven solution: https://lnkd.in/djESwAyP #retail #ai #revenuemanagement #profit

A good article on some of the focus of AI in retail. I was excited to see at NRF that the focus was on making core retail better vs. truly reinventing retail. The challenge will be how retailers balance these new capabilities with the technical debt and core changes they need to do now to keep up with customer expectations, empowering employees, and truly optimizing processes. https://lnkd.in/gt9Q25PH

A recent survey of retailers and consumer goods companies by Relex, and reported by Chain Store Age this April, 57% of these companies plan to invest in predictive and generative AI in the next three to five years. AI and machine learning was their 5th spending priority for technology. This supports our last post on the speed of AI adoption. The top 4 were: Enhancing e-commerce capabilities Improving inventory management Improving demand forecasting Leveraging data analytics. Respondents rated rapidly shifting customer demand, global events and disruptions, and inaccurate understanding of customer demand as their biggest threats to supply chain efficiency over the next three years. This is good news as retailers and CG companies have a lot of scope to improve e-commerce performance by exploiting omni-channel opportunities, which in turn will improve inventory management and aid more accurate demand forecasting. Well designed data analytics will also provide the insights needed to support the first three priorities. More guidance on how to do some of these things can be found in Martecs consumer goods WIKI. #Retail, #ConsumerGoods, #Ecommerce, #SupplyChain, #RetailTech

2024 trends: AI to catalyse growth and transform customer experiences in retail  South African retailers are likely to ramp up their investment in automation and artificial intelligence (AI) in 2024 as they look for new ways to drive innovation and outsmart their competitors. This aligns with global trends, with research from Honeywell showing that six in 10 retailers worldwide plan to adopt AI, machine learning and computer vision over the next year to enhance the shopping experience. 

Dive into the future of retail with my latest article on the transformative power of Artificial Intelligence! In this insightful piece, I explore how AI is reshaping the retail landscape, from optimizing inventory management to enhancing customer experiences. 💡 Discover how leading retailers are leveraging AI technologies to: 📈 Streamline supply chain operations 🛍️ Personalize customer recommendations 📊 Forecast demand with precision 💻 Revolutionize online and offline shopping experiences Read the full article here and let's unlock the potential of AI together! 💪 #ArtificialIntelligence #RetailTech #Efficiency #Innovation #FutureOfWork #RetailRevolution https://lnkd.in/gnSqdmbc

Artificial intelligence (AI) has transformed how retailers operate, interact with customers, and compete in the marketplace. Here are five ways that AI can help drive your retail businesses forward.

Artificial Intelligence (AI) is reshaping the retail sector by revolutionizing the way businesses interact with customers and manage operations. By leveraging AI-powered data analysis, retailers can gain deeper insights into consumer behaviors and preferences, enabling them to tailor marketing strategies and personalize shopping experiences. This customization fosters customer loyalty and drives sales growth, which means retailers can stay competitive in today's dynamic market landscape. Moreover, AI-driven inventory management systems optimize stock levels and reduce wastage, improving overall operational efficiency. How do you see AI continuing to redefine the future of retail?

👉Revolutionize Retail with AI Everywhere, by IBM Institute for Business Value Key takeaways: 👉Retailers and brands are falling short of consumer expectations. Only 9% say they are satisfied with the in-store shopping experience and only 14% say the same for online shopping. 👉Connected data unifies the customer experience—if brands can earn trust. 52% of consumers want to receive information, advertisements, and offerings from stores that are relevant to their specific interests. But 40% say they want more control over how companies use their data. Consumers need relevant information to shop sustainably. 👉Consumers want to see how companies measure up in the areas they most care about, such as the use of safe and natural ingredients and recycled materials—but companies aren’t providing enough information. 👉Shoppers want payment options that give them more for their money every time, everywhere. Nearly half (46%) of consumers would like to pay for their purchases in installments and more than two-thirds (69%) would like to pay with loyalty or rewards points. 👉Most consumers are eager to streamline shopping with AI. Roughly four in five consumers who haven’t yet tried AI for shopping would like to use it to research products, look for deals, ask questions, and resolve issues #ai #fintech #artificialintelligence #generativeai #digital #digitaltransformation #banking #finance #banks #retail

How do retailers prosper in a world that is changing quickly? They consistently and properly reset their business strategies. Today’s reality isn’t going to remain tomorrow’s, from buyer habits and trends in the market to the dynamics of competition and the state of the economy. Retailers are facing several challenges, including severe weather, overworked supply networks, and industrial shutdowns. These conditions are just the nature of how contemporary retail operates. And in the future, it will be just as unpredictable. Ahead of #RICE24, we’ve taken a closer look at some of the best ways retailers are using AI to hedge against the volatility of the retail industry in our blog, “10 Best Examples of Using AI for Retail Experiences.” Read the blog today ▶ https://bit.ly/3WL2l69 #FutureofRetail #eCommerce

🛍️ Retail Reimagined: Machine Learning Innovations to Watch in 2024 Dive into Tryolabs' comprehensive guide on the latest machine learning innovations in the retail sector. This insightful article explores how machine learning is reshaping retail operations and revolutionizing the customer shopping experience. 👉 Discover the cutting-edge applications of ML in retail, from personalized shopping experiences to efficient inventory management, and understand how these advancements are setting new benchmarks for the industry: https://lnkd.in/ex33b6Vn #RetailInnovation #retail #MachineLearning #TechTrends #Tech