GenAI can transform fashion retail operations such as inventory planning, product recommendations, and customer service. Promising genAI applications include creating new product designs based on defined criteria and sentiment analysis to predict customer trends.
GlobalData’s latest Innovation Radar report, “Cognitive revolution: genAI meets retail,” offers a comprehensive view of how the disruptive technology is being deployed across the retail value chain, from inventory management and personalised marketing to customer experience and support.
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Traditional retailers like Carrefour and IKEA are using genAI to streamline operations and augment customer support. Meanwhile, e-commerce players like Amazon, Shopify, and Instacart are leveraging genAI to improve online shopping experiences and increase cart conversion rates. Big technology companies such as Google and Salesforce are offering genAI solutions to help e-commerce players as well as retailers optimise their online customer engagement.
Kiran Raj, practice head of disruptive tech at GlobalData says: “In a retail environment where the product-to-experience shift is increasingly significant, genAI can enable the creation of immersive, personalised experiences, integrating virtual and physical retail spaces in a manner that resonates with modern consumers’ expectations. Moreover, it is no longer about a one-size-fits-all engagement; rather, it is about a tailor-made experience catering to individual needs”
Saurabh Daga, associate project manager of disruptive tech at GlobalData, adds: “By leveraging key data points from customers’ purchase history and preferences, genAI can facilitate building personalised shopping experiences and targeted marketing strategies. The technology can empower retailers to deliver superior service at reduced costs, leading to greater customer satisfaction.
“While there are inherent challenges in implementing genAI, particularly in consumer-facing sectors like retail, the potential for substantial progress is undeniable. Challenges such as content quality and privacy must be managed through strong governance. Small and medium retailers can benefit from strategic partnerships to overcome entry barriers required to build the supporting technology, infrastructure, and personnel for genAI implementation.”
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By GlobalDataLast week GlobalData released its Impact of Generative AI in Retail and Apparel report in which it said while a lot of the hype currently around generative AI centres on its ability to create text, retailers can benefit from its ability to enhance engagement through customer service interfaces, improving purchasing journeys through personalised product recommendations and inspiration based on shopping and browsing patterns.
