Artificial Intelligence in the Retail Sector

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Time_Traveller
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Artificial Intelligence in the Retail Sector

Post by Time_Traveller »

June 21, 2022

Inflation is starting to impact the retail sector in significant ways. Some experts believe artificial intelligence (AI) capabilities will help retailers find their way through these volatile times. Even if inflation wasn’t an issue, Richard Kestenbaum (@RKestenbaum), Co-founder and Partner at Triangle Capital LLC, insists, “Artificial intelligence will be important at every level of retail.”[1] According to Kestenbaum, some retailers don’t understand AI’s importance to their success. He indicates “their eyes glaze over” when he raises the topic and that “very few people want to talk about it.” This bury-your-head-in-the-sand approach won’t make things any better for retailers. Kestenbaum explains, “[AI is] coming, it’s unavoidable. AI is going to pervade almost every aspect of retail, big and small.”

One reason Kestenbaum is so insistent that AI has a crucial role to play in retail is that sustainability is becoming more important to every business. He reports that a company called COI Energy Services can install AI-powered software that can save a 50,000-square-feet supermarket $60,000 on their annual electric and gas costs. Publix is doing just that. He notes, “You could keep ignoring the potential of AI or you could do what Publix is doing and save the money.” Of course, cognitive technologies can do more than monitor and control energy usage. Kestenbaum points out that AI platforms can also help brands make important decisions. In today’s retail world, he notes, there are numerous variables that can affect decision-making. He insists, “There are literally billions of possible decisions that are possible and they get adjusted too often for any human being to manage. Until now, decision-makers relied on their instincts or ‘gut’ and while some people are gifted at brand management, most people aren’t. That’s why AI can help and competing against a brand managed with the help of artificial intelligence is more than anyone could handle. Everyone is going to have to do this.”
https://enterrasolutions.com/blog/artif ... il-sector/
"We all have our time machines, don't we. Those that take us back are memories...And those that carry us forward, are dreams."

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Tadasuke
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Re: Artificial Intelligence in the Retail Sector

Post by Tadasuke »

IKEA rolls out an AI-powered interactive design experience for shoppers
Today, IKEA is launching a new AI-driven interactive design experience called IKEA Kreativ for IKEA.com and the IKEA app. With the new feature, U.S. customers can design and visualize their own living spaces with digitalized furniture on their smartphones instead of traveling to the brick-and-mortar store where they are likely to be distracted by the warehouse-shaped labyrinth of showrooms, blue shopping bags and Swedish meatballs.

Currently, the IKEA Kreativ feature is available on iOS devices and desktops. It will be coming to Android devices later this summer. The AI (Artificial Intelligence) experience is expected to launch in additional countries in September. However, there are no exact launch dates.

With IKEA Kreativ, the company continues taking steps toward digital transformation. According to IKEA, it is the home retail industry’s first fully featured mixed-reality design experience for lifelike and accurate interior design, bridging the gap between e-commerce and in-store customer journeys.
https://techcrunch.com/2022/06/22/ikea- ... r-shoppers
Global economy doubles in product every 15-20 years. Computer performance at a constant price doubles nowadays every 4 years on average. Livestock-as-food will globally stop being a thing by ~2050 (precision fermentation and more). Human stupidity, pride and depravity are the biggest problems of our world.
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caltrek
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Re: Artificial Intelligence in the Retail Sector

Post by caltrek »

Winn.AI Launches an AI Assistant for Sales Calls
by Kyle Wiggers
September 15, 2022

Introduction:
(TechCrunch) Conventionally, salespeople are responsible for juggling tasks like following a playbook, capturing responses, building rapport and updating a customer relationship management (CRM) system during sales calls. As these tend to be repetitive and time-consuming, tedium can quickly set in. The average salesperson spends more than five hours a week updating CRM records, according to a Dooly survey.

In search of a solution, sales tech entrepreneur Eldad Postan-Koren and cybersecurity practitioner Bar Haleva co-created Winn.AI, an AI-powered assistant designed to help sales teams automatically track, capture and update CRM entries. Winn.AI monitors sales calls and records key data, in theory reducing the need for salespeople to note-take themselves.

Winn.AI today launched out of stealth with $17 million in seed funding led by Insight Partners and S-Capital. Postan-Koren said the proceeds will support R&D while bolstering Winn.AI’s sales and marketing efforts.

Prior to Winn.AI, Postan-Koren was the director of business development at OurCrowd, the venture investing platform. Haleva was a senior cybersecurity expert at XM Cyber, a startup that the Schwarz Group acquired last November for $700 million.
Read more here: https://techcrunch.com/2022/09/15/winn ... es-calls/

caltrek's comment: Just what the world needs, salespersons with enhanced note taking capabilities. :roll:

(No offense intended to honest salespersons who are just trying to make a living like the rest of the labor force).
Don't mourn, organize.

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Nanotechandmorefuture
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Re: Artificial Intelligence in the Retail Sector

Post by Nanotechandmorefuture »

I've been noticing that has been moving with a quickness now. I just got a San Fran AI company ad which seems actually GREAT in my view. There are probably far more and the college I am going to also got a serious investment in AI IBM Watson equivalent. Great thing is no time is being wasted with all this cool tech. Its prepping for what comes after in terms of never having to worry about money ever again due to being wealthy that makes things very interesting in terms of what choices you make throughout all these changes. And that's just in the 2020's by the way! :)
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