The competition in retail is fierce and great products alone are no longer enough. Whether shopping online or in person, customers want seamless, personalized shopping experiences. Artificial intelligence and machine learning enable retailers to boost their bottom lines, in part by showing when it’s not necessary to offer a discount.
At the same time, these systems give shoppers prices they view as fair and non-arbitrary on the products they care most about. Some of the applications are highly visible attention-grabbers such as in-store robots scanning shelves and interacting with shoppers or online chatbots enhancing customer service, offering related items to a shopper’s selections or speeding the path to purchase. Many robots employed behind the scenes in distribution centers or retail manufacturing also leverage self-learning technology. Elsewhere, AI powers fraud detection and autonomous delivery technologies including drones and self-driving delivery robots.
With operations and CX has become increasingly important to the future of retail companies in the UK, many are turning to AI for help. A new survey has found 80% of retailers believe AI has the potential to increase customer loyalty, while 75% intend to engage an external technology supplier to enhance their AI capabilities.
Vue. ai, an Indian-US startup that develops artificial intelligence platforms to help online retailers work more efficiently and sell more, raised $17 million in a Series B funding this week. This round was led by Falcon Edge Capital, with participation from existing investors Sequoia and Global Brains (KDDI Japan).
Helping retailers compete by making better use of their data, Oracle continues to weave significant artificial intelligence and machine learning capabilities into its Retail Insights and Science Suite. With new features, such as notebook-based data science tools, retailers can quickly deploy new data science-driven solutions to further engage and delight customers across channels.
Gap Inc partnered with Oracle to deploy Oracle Retail Merchandising Cloud Service and Oracle Retail Integration Cloud Service to drive operational agility and furnish Banana Republic business teams with better intelligence. In addition to migrating complex retail and financial workloads to the cloud, Gap Inc is also looking to seamlessly connect front-end and back-end functions by moving from a private cloud to Oracle Cloud Infrastructure leveraging various Oracle technologies, including Oracle Exadata Cloud Service and Java Cloud Service as foundation for a Retail Integration Hub and Oracle GoldenGate for real-time data replication.
Banana Republic is obtaining a clear view of merchandising activities through the cloud. The apparel retailer, a division of Gap Inc., operates more than 600 company-operated and franchise retail locations worldwide and an e-commerce site, is deploying Oracle Retail Merchandising Cloud Service and Oracle Retail Integration Cloud Service, powered by Oracle Cloud infrastructure. The GAP Inc. is an existing Oracle Retail user.
Banana Republic intends to drive operational agility and furnish business teams with a single view of inventory, product data and transaction details. For example, the combined solutions allow the retailer to synchronize merchandising operations from buying to inventory valuation. Moreover, a modern user interface delivers exceptions and alerts to simplify management of daily tasks such as managing purchase orders and sales auditing, including offering a path to resolution or items that require attention. Banana Republic users have the data needed to do their jobs more effectively and easily.
Kamal Osman Jamjoon Group LLC, a fashion retailer with more than 700 stores, now has a more unified view of operational data, improved store operations and is driving a higher level of customer satisfaction after deploying Oracle retail platform and technology. KOJ, which runs nine brands across seven countries, has achieved more than a 98% inventory accuracy as well. Operations and Customer Experience are the top benefits of AI in the retail industry. New research by law firm CMS and consultancy Retail Economics shows brands and retailers believe artificial intelligence (AI) can deliver significant opportunities on both fronts. 63% of respondents said AI could give rise to significant opportunities to optimize supply chains, while 53% thought it could reduce costs, and just under half (47%) said it could create more meaningful relationships with customers.
While most businesses want to adopt AI technologies, many do not have the internal capabilities, meaning they either have to recruit and build up an in-house team or bring in an external provider. An overwhelming 75% of respondents said they intended to engage an external technology supplier to enhance their AI capabilities.
However, there are a few challenges with AI implementation. Just one in five consumers trust retailers and consumer companies to responsibly handle their sensitive data. At the same time, only one in six consumers feel comfortable with the idea of AI-powered in-home delivery, and 42% of shoppers forecast that drone delivery will never become mainstream. Companies will also need to up-skill rapidly to accommodate their new offerings. Nearly 60% of organizations feel they lack the specialized skills required to roll out new AI technology.
Credits:
https://www.retail-insight-network.com/news/pvh-deploy-oracle-retail-solutions/
https://www.fibre2fashion.com/news/textiles-technology-news/gap-inc-brand-banana-republic-adopts-oracle-retail-cloud-249049-newsdetails.htm
https://www.digitalcommerce360.com/2019/03/25/how-ai-and-machine-learning-help-retailers-optimize-price-and-promotions/
https://www.analyticsindiamag.com/mad-street-dens-retail-arm-vue-ai-raises-17-million-in-series-b-funding/
https://www.retailcustomerexperience.com/news/fashion-retailer-boost-store-operations-customer-satisfaction-with-oracle-technology/
https://www.consultancy.uk/news/21330/operations-and-cx-are-top-benefits-of-ai-in-retail-industry
https://www.forbes.com/sites/blakemorgan/2019/03/04/the-20-best-examples-of-using-artificial-intelligence-for-retail-experiences/#6b32ef644466
https://www.linkedin.com/pulse/artificial-intelligence-retail-vikas-d/
At the same time, these systems give shoppers prices they view as fair and non-arbitrary on the products they care most about. Some of the applications are highly visible attention-grabbers such as in-store robots scanning shelves and interacting with shoppers or online chatbots enhancing customer service, offering related items to a shopper’s selections or speeding the path to purchase. Many robots employed behind the scenes in distribution centers or retail manufacturing also leverage self-learning technology. Elsewhere, AI powers fraud detection and autonomous delivery technologies including drones and self-driving delivery robots.
With operations and CX has become increasingly important to the future of retail companies in the UK, many are turning to AI for help. A new survey has found 80% of retailers believe AI has the potential to increase customer loyalty, while 75% intend to engage an external technology supplier to enhance their AI capabilities.
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| Credit: Vue.ai |
Helping retailers compete by making better use of their data, Oracle continues to weave significant artificial intelligence and machine learning capabilities into its Retail Insights and Science Suite. With new features, such as notebook-based data science tools, retailers can quickly deploy new data science-driven solutions to further engage and delight customers across channels.
Gap Inc partnered with Oracle to deploy Oracle Retail Merchandising Cloud Service and Oracle Retail Integration Cloud Service to drive operational agility and furnish Banana Republic business teams with better intelligence. In addition to migrating complex retail and financial workloads to the cloud, Gap Inc is also looking to seamlessly connect front-end and back-end functions by moving from a private cloud to Oracle Cloud Infrastructure leveraging various Oracle technologies, including Oracle Exadata Cloud Service and Java Cloud Service as foundation for a Retail Integration Hub and Oracle GoldenGate for real-time data replication.
Banana Republic is obtaining a clear view of merchandising activities through the cloud. The apparel retailer, a division of Gap Inc., operates more than 600 company-operated and franchise retail locations worldwide and an e-commerce site, is deploying Oracle Retail Merchandising Cloud Service and Oracle Retail Integration Cloud Service, powered by Oracle Cloud infrastructure. The GAP Inc. is an existing Oracle Retail user.
Kamal Osman Jamjoon Group LLC, a fashion retailer with more than 700 stores, now has a more unified view of operational data, improved store operations and is driving a higher level of customer satisfaction after deploying Oracle retail platform and technology. KOJ, which runs nine brands across seven countries, has achieved more than a 98% inventory accuracy as well. Operations and Customer Experience are the top benefits of AI in the retail industry. New research by law firm CMS and consultancy Retail Economics shows brands and retailers believe artificial intelligence (AI) can deliver significant opportunities on both fronts. 63% of respondents said AI could give rise to significant opportunities to optimize supply chains, while 53% thought it could reduce costs, and just under half (47%) said it could create more meaningful relationships with customers.
Credit: CMS and consultancy
While most businesses want to adopt AI technologies, many do not have the internal capabilities, meaning they either have to recruit and build up an in-house team or bring in an external provider. An overwhelming 75% of respondents said they intended to engage an external technology supplier to enhance their AI capabilities.
However, there are a few challenges with AI implementation. Just one in five consumers trust retailers and consumer companies to responsibly handle their sensitive data. At the same time, only one in six consumers feel comfortable with the idea of AI-powered in-home delivery, and 42% of shoppers forecast that drone delivery will never become mainstream. Companies will also need to up-skill rapidly to accommodate their new offerings. Nearly 60% of organizations feel they lack the specialized skills required to roll out new AI technology.
Credits:
https://www.retail-insight-network.com/news/pvh-deploy-oracle-retail-solutions/
https://www.fibre2fashion.com/news/textiles-technology-news/gap-inc-brand-banana-republic-adopts-oracle-retail-cloud-249049-newsdetails.htm
https://www.digitalcommerce360.com/2019/03/25/how-ai-and-machine-learning-help-retailers-optimize-price-and-promotions/
https://www.analyticsindiamag.com/mad-street-dens-retail-arm-vue-ai-raises-17-million-in-series-b-funding/
https://www.retailcustomerexperience.com/news/fashion-retailer-boost-store-operations-customer-satisfaction-with-oracle-technology/
https://www.consultancy.uk/news/21330/operations-and-cx-are-top-benefits-of-ai-in-retail-industry
https://www.forbes.com/sites/blakemorgan/2019/03/04/the-20-best-examples-of-using-artificial-intelligence-for-retail-experiences/#6b32ef644466
https://www.linkedin.com/pulse/artificial-intelligence-retail-vikas-d/
