What: Coresight explores six low-hanging fruits in AI implementation.

Why it is important: the hype is great, but as shown by the 2024 Academy topic, making choices in implementing AI is not that easy.

Coresight focuses on strategies for brands and retailers to leverage generative AI to innovate and grow in the competitive retail sector:

1. Market Potential: The generative AI software market is projected to grow significantly, from $5.7 billion in 2023 to $74.8 billion by 2027.

1. Implementation Steps: Companies should follow specific steps including setting objectives, choosing between buying or building solutions, organizing data, selecting and training AI models, creating content, and reviewing it.

1. Enhancing Product Descriptions and Designs: Generative AI can speed up the creation of product descriptions and designs, improving efficiency and resonating better with target audiences.

1. Personalised Digital Marketing: Utilizing generative AI for personalized marketing campaigns helps in forming deeper customer relationships and maintaining brand consistency.

1. Improved Customer Communications: The use of generative AI in customer service, like chatbots and natural-language interactions, enhances customer satisfaction and accessibility.

1. Data-Driven Decision Making: Generative AI enables retailers to extract valuable insights from diverse data sources quickly and in compliance with privacy standards, aiding in more informed decision-making.

1. Boosting Employee Productivity: By automating routine tasks and providing AI-driven training, generative AI can increase workforce efficiency, allowing employees to focus on more valuable tasks.

1. Optimising Product Development: Generative AI aids in the product development process by facilitating rapid design iterations, integrating various data, and streamlining analysis.

1. Competitive Advantage: Brands that effectively integrate AI into their strategy, like Coca-Cola and Levi’s, gain a significant competitive edge. Retailers who lack a clear AI and data strategy risk falling behind.

Coresight Research emphasizes the transformative potential of generative AI in retail, offering opportunities for enhanced efficiency, customer engagement, and business growth. The technology's ability to process and create content using human language without coding is particularly noted as a key advantage in the competitive retail landscape.

Six quick wins in AI for retailers