However, the success of AI solutions depends on the quality of the foundational data and information put into AI models. Many companies are turning to third-party software-as-a-service providers to help them craft solutions. The consensus among leaders at NRF was that those who haven’t started experimenting with AI could be missing out on the chance to increase revenue, create loyal customers, and drive efficiency for their businesses.
Key takeaways:
- Artificial Intelligence (AI) and generative AI are revolutionizing how brands and retailers solve their most pressing problems, with a focus on enhancing the customer experience.
- Brands are using AI to create more efficient and automated processes, such as product descriptions and personalized product recommendations.
- AI is also being integrated into the workforce, with tools like chatbots being used to enhance employees' knowledge and streamline operations.
- Experts emphasize the importance of good data foundation for successful AI implementation, and the need for businesses to start experimenting with AI to increase revenue and efficiency.