Generative AI: The Key to Saving Costs and Improving the Customer Experience - View from Down Under

Over the last 2 weeks we met more than 50 Senior Executives from the retail and CPG industry and had honest open conversations (under Chatham House Rules) over how AI as a technology is relevant to the retail industry.

While every organisation is at a different stage of the adoption journey, there are some common themes across the use cases that are being considered as a starting point. ?

One way that retailers are using generative AI to save costs is by automating tasks. For example, generative AI can be used to create product descriptions, generate marketing copy, and even design product packaging. This can free up human employees to focus on more strategic tasks, such as customer service and relationship building.

Another way that retailers are using generative AI to save costs is by improving inventory management. Generative AI can be used to predict demand, optimize product placement, and identify potential counterfeit products. This can help retailers to reduce waste, improve margins, and avoid stockouts.

In addition to saving costs, generative AI is also being used to improve the customer experience. For example, generative AI can be used to create personalized product recommendations, generate virtual try-on experiences, and even answer customer questions in real time. This can help retailers to create more engaging and personalized shopping experiences for their customers.

Globally, here are some specific examples of how retailers are using generative AI to save costs and improve customer experience:

• Amazon is using generative AI to create personalized product recommendations. The company's "Personalize" feature uses AI to analyze customer purchase history, browsing behavior, and other factors to generate recommendations for products that the customer might be interested in.
• Walmart is using generative AI to improve inventory management. The company's "Optimistic Forecasting" tool uses AI to predict demand for products based on historical sales data, weather patterns, and other factors. This helps Walmart to avoid stockouts and improve margins.
• IKEA is using generative AI to create virtual try-on experiences. The company's "Place" app allows customers to virtually try on furniture in their own homes. This helps customers to see how different pieces of furniture would look in their space before they make a purchase.

These are just a few examples of how retailers are using generative AI to save costs and improve customer experience. As the technology continues to develop, we can expect to see even more innovative applications of generative AI in the retail industry.

We, at 印孚瑟斯 , are also working on harvesting our experience and capabilities to help our customers adopt the emerging AI technologies.

The result is Infosys Topaz, an AI-first set of services, solutions and platforms using #Generative_AI technologies.

It brings the advantage of 12,000+ AI use cases, 150+ pre-trained AI models, 10+ AI platforms steered by AI-first specialists and data strategists, and a ‘responsible by design’ approach that is uncompromising on ethics, trust, privacy, security and regulatory compliance.

We believe our clients can leverage Infosys Topaz to accelerate their experiments and start realising business value from this exciting technology.

Note : Parts of this article were written by Google Bard .

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