In the last decade, retail has had to withstand future shock on a variety of fronts and its resilience is constantly being tested.
Australian retailers have been deploying Artificial Intelligence (AI) in human-centric ways showcasing green shoots of innovation across the enterprise. Intelligent Supply Chain and Knowing Your Customer are two key areas where retailers are investing to accelerate out of the curve of disruption.
While the promise of machine learning is alluring, questions regarding AI abound. What moral and ethical considerations should we pay attention to?
What is the role of AI in sustainability? How do we safeguard customer privacy?
The biggest risk today is to sit idle.
Through dialogues with Australia’s AI thought leaders from academia to interviews with retailers including Coles, The Iconic, Harvey Norman, and Accent Group Microsoft and Thinque have decoded evidence-based lessons from Australian AI pioneers and how to best answer these questions with proactive strategies and uses cases, e.g:
1. Harvey Norman's "concierge bot" can answer around 70% of online chat queries, letting the retailer scale more easily without needing to throw more people at the problem, leading to a 30% improvement in CSAT customer satisfaction scores
2. The Iconic is deploying AI-powered decision-making based on customer behaviour for valuable replenishment insights so that the retailer can now predict return rates with 80% accuracy which helps optimise stock levels.
This paper lays down a 6 Step framework for making successful advancements with AI in Retail.
Download this Artificial Intelligence whitepaper to design your blueprint for that transformation journey.
Anders Sörman-Nilsson is a futurist and the founder of the Sydney-based think tank and trend analysis firm Thinque, which provides data-based research, foresight and thought leadership assets for global brands like Microsoft (see above), Zurich, Visa and Facebook across four continents. If you want to establish signal in the noise why not consider commissioning a trend report to connect with the digital minds and analogue hearts of tomorrow's customers?
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