PODCAST
The retail industry is undergoing a significant transformation with the emergence of Generative AI, poised to have a substantial impact on revenue by 2029. Predicted to influence the industry with a value ranging from USD 400 to 600 billion, Gen AI promises a revolutionary shift, potentially contributing 27-44% of total operating profits. Notable statistics highlight its potential, including a projected 51% increase in sales, a 20% boost in profit margins, and a significant 20% reduction in Selling and Administrative costs. These figures underscore Gen AI's pivotal role in reshaping retail, not merely as a technological advancement but as a cornerstone for sustainable growth, offering efficiency and innovation in response to industry demands.
Across various aspects of retail operations, Gen AI presents both challenges and opportunities. From optimizing supply chain management to enhancing customer experiences, retailers can leverage its capabilities to streamline processes, reduce costs, and personalize offerings. Gen AI's potential to dynamically optimize prices based on real-time data and automate catalog creation accelerates time-to-market for new products, while also reinforcing customer loyalty through personalized recommendations. Furthermore, in product planning and technology infrastructure, Gen AI facilitates design optimization, market forecasting, and workforce management, promising reduced costs, enhanced productivity, and improved compliance.
Read this eBook to delve deeper into the realm of Gen AI and start empowering transformative opportunities, reshaping operations and customer experiences, and driving sustainable growth and innovation.
