H2: AI in Retail: The Future or Just Hype?
Artificial Intelligence (AI) has been the buzzword of the year, with companies across various industries investing heavily in the technology. In the retail world, AI is seen as a way to streamline processes and improve the overall customer experience. However, according to Kevin Fried, industry director of retail at Google, there are still many questions surrounding the use of AI in this industry.
AI has already proved its worth in certain areas, such as using satellite imagery to define the boundaries of wildfires and predicting and diagnosing cancer. These examples demonstrate AI’s ability to analyze vast amounts of data and make informed predictions. But Fried emphasizes that AI is just a tool and it’s ultimately up to humans to take action based on those predictions.
One important distinction to make is between predictive AI and generative AI. While generative AI has received a lot of attention for its ability to unlock creativity, it is predictive AI that has the potential to impact companies the most. Fried argues that AI should be the most boring thing that companies do in 2024. Instead of being dazzled by new AI solutions, the focus should be on using AI to impact marketing efforts and other key areas of the business.
AI’s capabilities in understanding the consumer decision journey are particularly exciting. Traditional marketing funnels no longer align with how people actually make purchasing decisions. Through AI, companies can now interpret the consumer decision journey in a more meaningful and accurate way, which can have real implications for marketing strategies and overall company success.
In conclusion, while AI holds great promise for the retail industry, there are still many questions that need to be answered. Companies need to navigate this technology carefully and focus on using it to impact key areas of their business, such as marketing. With the right approach, AI has the potential to revolutionize the way companies understand and engage with their customers.
Question for the reader: What are your thoughts on AI in retail? Do you think it is just hype or do you believe it has the potential to revolutionize the industry? Leave a comment and let us know your thoughts!
IntelliPrompt curated this article: Read the full story at the original source by clicking here