“It's really important that retailers understand the opportunities that are available through using AI” says Miya. In the age of AI, retailers need to rethink their business processes and systems to optimise operations. They should see how AI can help improve customer experience, supply chain efficiency, and productivity.
But what exactly does AI offer retailers?
AI can be used to help retailers manage their business more effectively, forecast and plan more accurately, and understand orders and sales processing in real time.
Most importantly, AI allows retailers to automate tasks and create greater efficiencies. “I think where we are getting to is a really fine balance between understanding where human beings and that human touch is really, really important, and where we can automate away more mundane labour intensive tasks” says Miya. This automation frees up employees to focus on improving customer experience, efficiency and sustainability – areas that have the biggest impact on a retailer’s business.
Using AI is not just about getting consumers to make purchases. It can help improve sustainability outcomes too. “Retailers really need to optimise their operations to be able to understand what we want, by making sure that we are buying with confidence the right product for us, not buying multiple versions and returning them,” says Miya. Doing so allows retailers to finetune how much product they buy and manufacture. This all takes a huge amount of waste out of the supply chain.
Looking to the future, Miya says “we're already seeing generative AI engines being used to develop virtual products in areas like the Metaverse, and I don't think it'll be too long before we actually see the algorithms drive the design of the products that we see ending up on our shelves”.
