It is officially called Great retail offerbut NRF 2023 was also about big tech in retail.
As in, the retail industry’s growing embrace of big tech and dozens of artificial intelligence (AI) solutions being showcased at the just-concluded National Retail Federation annual conference in New York aim to solve the myriad of problems currently plaguing businesses. .
“Personalization and Time; They Drive Conversion”, The Clothing Store pass Executive Director Tim Baxter he told the crowd In one of dozens of NRF spin-off sessions, to point out the evolution of customer preferences and the role of technological innovation.
It setup a large number of ads NRF 2023: The Big Retail Showwhere suppliers including Lexmark, SymphonyAI, Oracle, Sony, SoundHound, and more have either revealed or demonstrated applications of AI in optimizing various aspects of retail operations.
Google Cloud preempted NRF opening day Sunday (January 15) by introducing on January 13 a suite of artificial intelligence technologies designed to address common problems among enterprise retailers.
Shelving and Inventory/Out of Stock monitoring features in many of the systems shown at the NRF Showcase. Show Google Cloud Vertex AI visionusing “Google’s database of facts about people, places, and things, giving retailers the ability to learn about billions of products to ensure in-store shelves are the right size and well-stocked.”
An update for AI discovery With enhanced AI personalization capabilities and AI feature browsing to “help retailers upgrade their digital storefronts with more dynamic and intuitive shopping experiences,” per press release. It Recommendations Amnesty International The group concluded with “new machine learning capabilities that enable retailers to dynamically optimize product orders and recommendation boards on their e-commerce pages and provide personalized suggestions for repeat purchases.”
Predicting purchasing trends is another area where AI is being deployed. SymphonyAI talked about its collaboration with Oracle where SymphonyAI solutions now run on Oracle Cloud Infrastructure (OCI) and leverage Oracle Exadata Database Service.
to press releaseOracle’s charter ensures that “SymphonyAI customers can quickly train AI models to predict purchase trends, and ensure that each customer’s store has the optimal number of products in the right place on the shelves.”
In an effort to help retailers virtually visualize physical retail space to improve the sales floor, Sony Semiconductor Solutions showcased its cutting-edge AITRIOS™ AI sensor platform, which was first unveiled late last year.
As Sony said, “The AITRIOS platform enables retail customers and partners to visualize and capture the physical brick-and-mortar world to enable AI predictions and solve challenging problems such as shelf availability, plan compliance, staffing, merchandising and store operation optimization.”
Ita YanagisawaSenior General Manager of System Solutions Business Division at Sony Semiconductor Solutionssaid V.I Advertising that “the AITRIOS platform is designed to democratize visual AI beyond expensive and unwieldy projects and toward solving narrower, concrete problems that have a clearer path to delivering ROI.”
Manufacturer of Imaging and Internet of Things products Lexmark moved to the NRF 2023 stage with its AI-powered suite of smart retail solutions, which can improve employee productivity and engagement, alert retail partners about inventory events for high-margin items, and customize signage based on customer behavior, according to press release.
“The retail landscape has changed dramatically since we last attended NRF in person in 2020,” he said. Paul MerrittLexmark’s Director of Retail Industry. Retailers are looking for new ways to increase profits while offering an exceptional customer experience. We are excited to be back in person at NRF and look forward to showing you our latest and best retail offering that helps connect the physical and digital worlds of retail. “
This activity is in line with industry trends around the digital transformation of physical stores, and the growing need for artificial intelligence and automation reducing adoption and implementation issues.
according to the studyNavigating the digital transformation of large retail: The evolution of a new payments strategy“,” and PYMNTS f ACI worldwide Collaboration, “Retailers may find that launching a user experience improvement initiative presents multiple constraints. Organizations may face many barriers in implementing new technologies due to well-established processes, limited number of employees, insufficient training resources, or a steep learning curve.”
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