Revolutionising Retail at NRF 2024: Unleashing Generative AI to Close the Consumer Expectation Gap

The retail landscape is undergoing a profound transformation in 2024, spurred by shifts in consumer preferences and advancements in technology. IBM, at NRF 2024, reveals that Generative AI stands as a game-changer to bridge the gap between consumer expectations and the current state of retail. The focus is on crafting unified, integrated shopping experiences tailored to individual preferences.

NRF 2024 Insights: Addressing Consumer Dissatisfaction with AI-Driven Solutions

The NRF event serves as the backdrop for insights gleaned from a recent global study by the IBM Institute for Business Value. The study underscores a significant mismatch between consumer expectations and satisfaction with current retail experiences. With only 9% finding contentment in in-store shopping and 14% satisfied with online shopping, the imperative for technological intervention is more pronounced than ever.

AI-Driven Advancements: A Welcome Shift in Consumer Attitudes

NRF 2024 unveils a positive consumer attitude towards AI-driven solutions, with 59% expressing a desire to integrate AI applications into their shopping experiences. Interest spans from product research and deal hunting to customer service. Personalisation emerges as a driving force, with 52% of consumers eager to receive tailored information and offerings aligned with their specific interests.

Yet, a notable satisfaction gap among current AI assistant users highlights the need for refining existing technology offerings. Only one-third express satisfaction, and nearly 20% are disheartened to the extent of forgoing virtual assistants in the future.

Empowering Frontline Retail Workers: WEx Collaboration Takes Centre Stage

IBM, in collaboration with Samsung and Workday, introduces Workforce Experience (WEx) at NRF 2024. This retail solution merges IBM Consulting's iX application design and Watsonx AI capabilities with Samsung mobile devices, alongside Workday's Human Capital Management and workforce management applications.

WEx aims to enhance productivity, boost employee retention, and improve customer satisfaction. Using automation and generative AI, it addresses challenges like task management, employee onboarding, and store metric measurement, ultimately reducing the time required for associate training.

Transforming CPG with AI: IBM and SAP's Collaborative Efforts:

NRF 2024 serves as a platform for IBM and SAP to discuss their collaborative efforts to leverage AI in the Consumer Packaged Goods (CPG) industry. These AI-powered solutions target complexities in direct store delivery and product portfolio management, enhancing supply chain management, finance operations, and sales and services.

IBM and SAP's joint efforts aim to enhance transportation planning, optimise store-level assortments, and automate order settlement through intelligent workflows. The goal is to drive efficiency and revenue for CPG companies, wholesale distributors, and retailers.

Watsonx at NRF: A Comprehensive Platform for Retail Transformation:

At NRF, IBM showcases the diverse capabilities of its Watsonx generative AI platform, with a spotlight on watsonx.governance. These tools are designed to manage enterprise-wide governance processes and control risks, offering a holistic solution for retailers. Watsonx demonstrates its potential to reshape the retail landscape, from customer engagement and personalisation to operational efficiency.

Revolutionising Grocery Retail Post-NRF with Kroger:

Looking beyond NRF'24, IBM directs its focus to grocery retail, where Generative AI can revolutionise operations. Post-NRF, stakeholders are invited to join a retail-focused LinkedIn Live series. Cathy Reese, Senior Partner at IBM, engages with Jamie Lancaster, Vice President at Kroger, discussing the gen AI opportunity in grocery retail, use cases, and insights into navigating the implementation and integration journey.

Looking Ahead: Preparing for 2024 and Beyond with Gen AI

As businesses gear up for the challenges and opportunities of 2024, Gen AI emerges as a crucial player in meeting evolving customer demands. IBM's commitment to transforming the retail industry is evident, with NRF 2024 serving as a pivotal platform to showcase the potential of emerging technologies. Stay updated on IBM's NRF 2024 presence through their dedicated webpage for deeper insights into the future of retail.