How GenAI is reshaping the retail market | HCLTech

How GenAI is reshaping the retail market

Generative AI can bring significant changes to the ways retailers run their businesses
 
4 minutes read
Jordan Smith
Jordan Smith
US Reporter, HCLTech
4 minutes read
How GenAI is reshaping the retail market

GenAI has generated tremendous interest among companies of all sizes. Retailers are no exception to this, and they are looking to take advantage of this technology to enhance the shopping experience, improve customer service and create content for their brands.

Google Cloud recently released research ahead of the National Retail Federation’s (NRF) annual trade show, according to which, 81% of retail decision makers now feel a sense of urgency to adopt AI for their businesses.

In that same survey conducted of 274 US C-suite executives, IT leads and business development managers, it was found that 75% of those decision makers believe GenAI can be practically deployed in their business. Furthermore, 78% believe GenAI will impact their industry in the next 12 months.

GenAI use cases in retail

Retail decision makers have identified use cases where they can deploy GenAI in the next year to improve their businesses.

Customer service automation is one of the areas where GenAI can be deployed to reduce human intervention. GenAI can be utilized for more efficient order tracking via phone, chat and social media. Retailers also want to use GenAI to address shopper inquiries with interactive responses beyond product recommendations.

GenAI can also be used to generate great customer-centric marketing copy, accelerate product categorization and for product data enhancement.

Creative teams can use the technology to curate bespoke images and creative content for campaigns and editorial placements, enabling greater personalization.

Impact of GenAI in retail businesses

GenAI has the ability to effect change within a business by improving shopping experiences, increasing productivity and fueling growth. Retailers can reinvent themselves with this technology. One in every four retailers surveyed by Google Cloud are currently deploying GenAI pilots.

Carrefour, a multinational grocery store chain, has used GenAI to create videos and has leveraged a chatbot and computer-generated human avatar to reduce labor costs associated with producing customer-facing content.

Walmart has also bought into the capabilities of GenAI by utilizing it to enhance online shopping. The retail giant is trying to adapt the technology to generate relevant search results based on specific use cases. Additionally, Walmart has been able to use GenAI to assist customers by offering personalized recommendations based on individual needs and preferences.

Similarly, clothing retailer Victoria’s Secret has collaborated with Google Cloud to implement AI to establish a more personalized and inclusive online shopping experience for its customers.

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Unlock solutions for the retail industry

Retail decision makers will require a technology partner to guide them through the emerging technology landscape. HCLTech has retail experts that will ensure businesses are providing the hyper-personalized experiences that customers expect with AI-powered tools and solutions.

Through next-gen, technology-driven end-to-end digital solutions, retailers can enhance customer experiences, optimize operations and unlock growth with retail solutions from HCLTech. Tools are provided by the tech giant to elevate the online presence of a retail business with user-friendly interfaces, personalized recommendations and real-time tracking.

GenAI looks to significantly change the retail industry in areas such as customer interaction, omnichannel fulfillment and trend forecasting, among others. Global technology companies like HCLTech will also be important partners of the retailers in their transformative journey.

TAGS:
Artificial intelligence
Cloud
Retail
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