Get On Track with AI: Keys to Impactful Implementation
AI is all the rage in the retail world, but jumping on the bandwagon without proper preparation can be a costly mistake. According to management consulting firm AlixPartners, companies must have a clear strategy and objectives when implementing AI in their workflows. One of the key steps is knowing your AI goals – companies should have a clearly defined business case and financial metrics in place before diving into AI initiatives. Measurement throughout the pilot and implementation phases is crucial to ensure progress and effectiveness.
Spanish retail chain Mango is a prime example of impactful AI implementation. With a clear focus on various touchpoints in their value chain, Mango has rolled out 15 different platforms since 2018 to address different areas such as pricing, personalization, and customer service. Their AI initiatives have already yielded results, with 20 garments co-created by AI already in the market.
Ulta Beauty, a multi-brand beauty retailer, has also made AI a central part of their strategy. The company uses AI both externally and internally to cater to their customers’ evolving needs and interests. From virtual beauty advisors and virtual try-on tools to streamlining asset creation and laborious tasks, Ulta Beauty is leveraging AI to provide an enhanced experience for both their customers and employees.
Building a skilled team is vital in AI implementation. AI must be carefully taught and managed to preserve brand integrity. Companies must have teams in place to train and monitor AI, while staying up-to-date with the rapidly advancing technology. Fashion retailers can look to the tech industry or skilled college grads for expertise in this area.
In conclusion, implementing AI in retail requires careful planning, clear objectives, and a skilled team. It’s not just about jumping on the latest trend – it’s about driving conversions, reducing costs, increasing profits, and staying ahead of the competition. So, are you ready to embrace the AI revolution and take your retail business to the next level?
Tell us your thoughts and experiences with AI implementation in the comments below! Have you seen success? Or faced any challenges? We want to hear from you!
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