#1 lesson learned from the '24 NRF Big Show.

Artificial Intelligence will reshape all aspects of the Retail Industry.

I'm a perpetual learner, a self-taught MBA.

This year, my learning journey kicked off at the National Retail Federation’s (NRF) Big Show—an event that lived up to its name, and then some.

AI took the spotlight at the Jacob Javitz Center in NYC, showcasing its potential to enhance our shared world. Consider this email a series of insights intended to help you channel your energy in '24, with a focus on the transformative power of AI.

DYK that by 2025, 30% of outbound marketing will be AI-generated? - Gartner Group

Azita Martin, VP of AI & GM for Retail, CPG & QSR NVIDIA:

📍Early adopters of next-gen models like #LLMs & Generative #AI are 2x more likely to increase revenue by 10% or more.

📍Image to Image Generative AI—transform napkin sketches into reality!

📍AI territories in #Retail: Product Descriptions, Marketing Campaigns, eCommerce, Multi-Modal Search.

📍Learn more about NVIDIA Picaso & how it leverages Getty Images within iStock to deliver new AI image generation features & functionalities: blog post.

Remzi Ural, Partner PwC:

📍73% of US companies have already adopted AI in some area of their business.

📍#GenAI enhances worker productivity by up to 40%.

📍44% of brands plan to implement data modernization for GenAI.

📍6 GenAI common territory use-cases: Summarize Data, Q&A / Data Retrieval, Transformation / Personalization, Augmentation / Content Transformation, Customer Service / Dialogue, Net-New Content.

📍4 GenAI aspects to help unlock more value: New Business Models (accelerating development of new revenue generating opportunities), Operations Effectiveness (improved efficiency & standardization of processes), Resource Acceleration (additional areas of product & service growth, increase efficiency), Enhanced Customer Experience (improving ability to serve customers & personalize the CX).

📍5 GenAI challenges: Skill Development, IP / Legal Issues, Biases, Accuracy Limitations, Privacy & Misinformation.

Teams are reaping benefits:

📍Deloitte: 12 hours saved per FTE each week.

📍McKinsey & Company: +30% eCommerce conversions.

📍Stanford University HAI Lab: +14% agent productivity.

Other Fun-facts:

📍Did you know that certain brick & mortar retailers can now track you, akin to online retailers? Sony's AITRIOS utilizes a tiny chip to gather extensive data, crafting AI-driven predictive shopping recommendations.

📍Ever thought about AI as the #CFO's best friend? While we often focus on topline growth, AI excels in streamlining bottomline costs, leading to significant reductions in repetitive services.

📍Amazon dominates in #SEO with AI-generated 70-word product descriptions. Now, eBay, Walmart and others are following suit.

📍L'Oréal's GenAI implementation saved a whopping 120,000 hours of production.

📍#GenZ, heavy data consumers, are shifting preferences. Nearly 10% now prefer TikTok over established search engines like Google, hinting at the rise of #SocialCommerce in '24.

📍Warning: Fix bad data now! AI amplifies issues, impacting all outputs trained on the inputs. Be proactive to avoid ripple effects.

A Grateful Nod:

A heartfelt thanks to RETHINK Retail for hosting the 2024 Retail Gala. The invaluable insights shared wouldn't have been possible without their unwavering dedication to assisting retailers worldwide. Grateful for their commitment to the industry's growth.

If you’d like to lean harder into the insights unpacked at The Big Show this year, here is a link to view the official event recap. It’s impressive.

Just a reminder—I'm not an AI expert, and I won't claim to be. What I will master is utilizing AI to achieve superior outcomes in my work. My ongoing focus remains on fostering connections among independent professionals who harness AI for tailor-made business solutions in specific industries.

If you’d like to have a virtual coffee, hit me up.

Wishing you all the very best in ‘24.

Jeff Mard

Founder & CEO

Email | Phone | LinkedIn