Shoptalk 2024 buzzed with innovation. One central theme emerged as the standout from the show: leveraging artificial intelligence to create a future-proof retail experience.
Although the industry conversation around AI isn’t new, this year marked a shift from discussing the potential of the technology to showcasing business use cases of how brands are harnessing the power of AI solutions to increase customer satisfaction and streamline operations. Here are three key takeaways from Shoptalk 2024 centered around how AI-first search and product discovery technology is enabling retailers to reach desired business outcomes.
AI for Efficiency: Streamlining Workflows to Enhance Customer Experience
The war for customer satisfaction is often won behind the scenes. Retailers are embracing AI-first search and product discovery technology to streamline internal processes, freeing up resources to focus on what matters most — the customer. AI-first product discovery technology automates tasks like search rule creation, empowering merchandisers to focus on strategic initiatives like campaign creation and personalization efforts. This translates to a 60 percent boost in productivity, allowing merchandisers to dedicate more time to crafting exceptional customer experiences.
Imagine a merchandising team bogged down by managing thousands of complex search rules. AI-first technology eliminates this burden, allowing teams to focus on activities that directly impact customer journeys, like tailoring product recommendations or crafting engaging marketing campaigns. The result? A more satisfied and productive workforce, ultimately leading to a more delightful shopping experience for customers.
AI for Personalization: Tailoring the Journey … One Shopper at a Time
Gone are the days of generic search results. Shoptalk attendees recognized the power of AI-driven personalization. AI-first search and product discovery technology utilizes AI to analyze customer data and understand past purchases, browsing behavior, and even abandoned carts. This empowers retailers to deliver targeted product recommendations, promotions and content that resonate with each individual shopper.
For instance, a customer who frequently purchases hiking gear might see relevant product suggestions for new hiking boots, tents or even binoculars. This level of personalization fosters deeper customer connections, increases the likelihood of conversion, and ultimately drives more purchases and revenue growth. The best part is that AI-first search understands shopper search intent to deliver the most personalized, relevant, buyable and, of course, revenue-optimized results. It’s a win-win for the shopper and the retailer!
AI for Insights: Making Data-Driven Decisions for a Competitive Edge
Retailers are drowning in data. Shoptalk 2024 highlighted the importance of AI in extracting meaningful insights from this data ocean. AI-first search and product discovery technology leverages AI to analyze customer behavior patterns, predicting future needs and preferences. This allows retailers to proactively serve up and recommend complementary products or notify customers about upcoming sales on items they’re likely interested in.
Imagine a retailer using AI to predict that a customer who recently purchased a new blender might be interested in a smoothie recipe or discounted frozen fruit. By anticipating customer needs and tailoring product suggestions accordingly, retailers can stay ahead of the curve and create a sense of anticipation among their customer base.
Shoptalk 2024 painted a clear picture of the future of retail: a landscape powered by AI. By embracing these trends and leveraging innovative solutions like AI-first search and product discovery technology, retailers can unlock new levels of efficiency, personalization and data-driven decision making. This translates to a future-proof business model and a customer experience that delights at every touchpoint.
Roland Gossage is the CEO of GroupBy, a product discovery platform powered by Google Cloud Retail AI.
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{URL}https://www.mytotalretail.com/article/shoptalk-2024-ai-first-search-is-the-future-of-customer-centric-commerce/{/URL}
{Author}Roland Gossage{/Author}
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{Keywords}Artificial Intelligence (AI),Merchandising,AI-first merchandising,AI-first search,shoptalk 2024,Site search{/Keywords}
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