The emergence of ChatGPT towards the end of the previous year has sparked a race among retailers to adopt generative AI and related technologies. This trend is evident in the upcoming IRX & eDX 2023 event, scheduled to be held at the National Exhibition Centre in Birmingham in late May.
How will generative artificial intelligence revolutionize the retail industry? How can retailers effectively harness this nascent technology, which has garnered significant attention since the release of ChatGPT in November? Furthermore, how can retailers maximize the potential of other AI and automation tools to enhance both employee and customer experiences?
These pressing questions will be addressed during the highly anticipated IRX (InternetRetailing Expo) and eDX (eDelivery Expo). The event’s agenda reflects the industry’s focus on exploring these topics. Registration for this premier digital retail show, taking place on May 24th and 25th at the National Exhibition Centre in Birmingham, is still open and free.
Among the engaging sessions, there is a panel titled “What will an optimal online experience look like by 2025? What are your next steps?” featuring Aurelie Seth, Senior Product Manager at The Whisky Exchange, and Victoria Ntale, Senior Customer Care Manager at Lyst. These industry experts will share their valuable insights.
Additionally, a fireside chat on “Consumer experience using mobile apps – how to get Gen Z obsessed about your app” will bring together Dr Amna Khan, Senior Lecturer in consumer behaviour and retailing at Manchester Metropolitan University Business School, and Michelle Gledhill, Programme Leader of MSC Creative Advertising Strategy at Manchester University.
Moreover, Lois Richards, Logistics and Operations Lead at the contemporary London-based jewellery brand Astrid & Miyu, will lead a session on “Automating your fulfilment needs to save costs and improve efficiency.”
Lastly, Maria White, Search Lead at Kurt Geiger, will delve into the question of “How will ChatGPT work in retail?” These thought-provoking discussions and presentations at IRX and eDX will provide attendees with valuable insights, enabling them to navigate the direction of the industry and accelerate their AI-driven initiatives for the benefit of both employees and customers.
Merging the Digital and Physical Realms
In line with the theme of this article, IRX approached ChatGPT—a sophisticated language model trained on an extensive corpus of 300 billion words by its developer, OpenAI—to explore how retailers can leverage generative AI. Within seconds, the program generated a list of ten potential applications of generative AI that can enhance business operations, customer experiences, and marketing strategies.
One notable example is personalized product recommendations. Generative AI can analyze customer data, purchase history, and preferences to create tailored product suggestions, resulting in improved sales and higher customer satisfaction.
Retailers can take cues from industry leaders like Amazon and Netflix in this regard. Netflix’s “what to watch next” recommendations offer a glimpse into the possibilities of digital retail. Retailers who have ventured to apply similar technologies in physical settings have seen success, as noted by Adam Warne, Chief Information Officer at River Island.
River Island recently introduced “smart fitting rooms” that utilize radio-frequency identification tags attached to clothes. The fitting-room screens enable customers to request different sizes, and they also provide recommendations for complementary products, even if they are available only online. Warne, who will be speaking at IRX in a session titled “Championing the pace of change in your business to withstand the economic landscape,” highlighted how this innovation has not only increased order value but also blurred the boundaries between the digital and physical realms.
When asked how generative AI could enhance the relationship between retailers and customers, ChatGPT emphasized the technology’s potential in store design and layout and highlighted how it can optimize product placement based on customer behaviors and preferences. This application has the potential to create a more enjoyable and efficient shopping experience for individuals.
The conversation with ChatGPT also touched upon other valuable applications of generative AI, such as supply chain optimization, enhanced visibility of products and materials throughout the entire process, content generation, market analysis, and trend forecasting. Additionally, generative AI can aid in dynamic pricing strategies by considering factors such as customer preferences, competitor pricing, and market conditions.
Unsurprisingly, the conversation acknowledged the significance of chatbots and customer service in the retail industry. Many online retailers have already implemented AI-powered chatbots to handle customer inquiries, offer support, and guide shoppers through their purchasing journey. However, there is still room for improvement in this area.
In conclusion, by integrating generative AI into their operations, retailers can unlock various benefits, including improved efficiency, cost reduction, and enhanced customer experiences. It is crucial, however, to consider the cautionary words raised by industry leaders, including Elon Musk and other high-profile signatories, who advocate for responsible and manageable development of powerful AI systems.
Retail leaders would be wise to heed this advice and ensure that human involvement remains integral when leveraging generative AI. Failure to do so may result in the loss of customer trust and loyalty. The topic of responsible AI adoption is expected to be a prominent discussion at IRX and eDX, both on and off the stage, further emphasizing the importance of finding the right balance between technology and human involvement.
Don’t miss out on the opportunity to explore these crucial topics at IRX & eDX, which will take place on May 24th and 25th at the NEC in Birmingham. Register now for free to secure your spot at the UK’s premier digital retail show. #IRX23 #eDX23
