Introduction

Imagine a customer service experience free of hassle—where connecting with a customer agent is seamless. They troubleshoot product issues, reschedule order deliveries, and manage your subscriptions in seconds. Picture speaking with a customer care agent who instantly understands your concerns and sentiments, offering solutions and recommendations that quickly resolve the issue. No long waits, no arguments, no misunderstandings.

This kind of service delivers a better experience for you and reduces friction for the care agent. It might sound impossible, but it’s exactly what Best Buy is now delivering. The US-based consumer electronics company is reinventing both the customer and worker experience with the help of generative AI. This technology is proving its power across the retail industry as businesses begin to deploy generative AI to improve efficiency in other areas of their value chains.

Companies that master the art of delighting customers through an effective generative AI strategy have the potential to grow their topline. According to a recent Accenture study, 75% of retail executives see generative AI as crucial for revenue growth. Meanwhile, retailers that use generative AI to streamline operations and enhance employee satisfaction can significantly reduce their bottom line. Excelling in both areas can unlock capital for businesses, which can then be reinvested in innovation, training, and new products.

What should retailers do to seize this generative AI opportunity?

Achieving this transformation is often easier to talk about than to execute, as retail executives are well aware. Our research indicates that a substantial 93% of retail CxOs plan to significantly increase their investments in AI and generative AI over the next 3–5 years, focusing on time, money, and human resources. However, nearly one-third of retail executives (31%) believe that a lack of skills will prevent their companies from fully leveraging generative AI, while over a third (36%) worry that workers might resist adopting the technology due to insufficient understanding.

Retailers need to start addressing these challenges immediately. They must approach this with a clear strategy and a unified plan to revolutionize consumer shopping experiences, work environments, and business operations. By doing so, they will embark on a journey of reinvention that will impact all stakeholders—from customers and employees to suppliers and partners.

Our latest research reveals that 72% of retailers intend to use generative AI to fundamentally transform their operations. The opportunity is here for retailers to seize if they act now.

Changing how consumers shop and connect with brands

Generative AI: The latest and greatest shopping influencer

Generative AI is revolutionizing how consumers discover brands and products, seek and receive information, and experience shopping. Take Instacart, for example. Instead of simply logging onto its app and searching for items, it now offers a plug-in that allows customers to request recipes. The service then handles ordering all the ingredients and delivers them right to the customer’s doorstep.

Another example is Bricorama’s generative AI shopping assistant, pAInt, one of France’s top DIY retailers. When a customer wants to paint a new space, pAInt provides inspiration and recommendations while creating a shopping cart. It suggests trending styles, advises on paint colors and finishes, and provides guidance on the best paint type and quantity for the surface. Fully integrated with Bricorama’s e-commerce system, pAInt ensures that recommendations are for in-stock products and continues to assist with painting practice guides.

These examples demonstrate how generative AI is poised to fundamentally transform the customer experience, altering both what consumers purchase and how they make their choices. They also illustrate the potential for generative AI to greatly enhance the personalization and customization of the customer journey. Furthermore, they suggest that generative AI agents capable of managing entire tasks from start to finish may soon become the standard, making multiple decisions daily on behalf of the customers they serve.

Continue reading to discover how generative AI can transform retail and download our detailed report for in-depth insights.

The Table of Contents of “Retail reinvented: Unleashing the power of generative AI” Report:

• Introduction
• Changing how consumers shop and connect with brands
• Transforming work, empowering employees
• Overhauling operations and building a strong digital core
• Next steps in the generative AI journey

Number of Pages:

• 20 pages

Pricing: 

• Free