Retail employs hundreds of thousands of individuals, and the subsequent generation of retail employees will probably be significantly impacted by the rise generative AI.
I firmly imagine that outstanding brick-and-mortar retail, no matter product category, relies on three key pillars of success:
- Proud, well-trained, committed team members with clear profession paths
- A brand deeply rooted in strong cultural values
- A backbone of superior technology
Are any of those elements missing? The magic just doesn’t occur.
Enter IBM. Their approach to using technology to enhance the worker and consumer experience varies by brand, but some industry-wide themes are emerging – particularly around changes in consumer habits and generational behavior.
Take the one just published IBM Institute for Business Value 2024 Consumer Study, which collected insights from 20,000 consumers in 26 countries. When asked about improving the in-store shopping experience, essentially the most common answers were the will for a bigger product range, more product information and faster checkout.
This study also revealed a key finding: Two-thirds of consumers still prefer shopping in person, with 73% viewing physical stores as their primary shopping method. Here lies the challenge and opportunity: ensuring accurate, real-time inventory information and equipping frontline teams with the best tools is the ticket to transformative change.
IBM’s study suggests: “AI will help stock a more diverse range of relevant products by analyzing local customer preferences.” With generative AI, retailers can optimize their inventory and adjust store layouts in real time, improving navigation, product visibility and inventory management improve.”
This reflects my belief that the core of successful retail is a proud, well-trained and committed frontline team. These individuals strive to create memorable customer experiences, provide immediate responses, and resolve any issues quickly. But when obstacles arise, it not only reduces pride within the work and the brand, but in addition results in frustration.
Accordingly Supply and demand chain executive, “The solution is to equip every worker with the knowledge of your most experienced worker, ensuring a consistent, unified experience across all channels. Implementing a generative AI model to your services and products allows team members to excel of their roles and supply accurate, relevant product advice.”
This brings us to the essence of brands based on solid cultural values. It’s not only in regards to the soft skills or worker resource groups; It’s about their commitment to using cutting-edge technologies and tools. Ignoring changes in customer behavior, latest ideas, and particularly feedback from frontline teams is a bet that brings high worker turnover, customer loss, and more.
Retail is experiencing rapid change, with data-driven decisions playing a critical role in success. And firms like IBM are working with retailers to assist them stay ahead on this competitive environment.
Retail brands fully embracing AI and latest technologies, supported by leadership committed to creating an excellent workplace with world-class products, will invariably deliver unforgettable customer experiences. You will win consistently in 2024 and beyond!
Improve your operations to offer your retail customers with an unforgettable experience
