AI in Retail

On today’s episode of the AI in Retail Show, Trevor speaks with Carol Spieckerman, President of Spieckerman Retail, her retail insights platform. They discuss the rising notion of “retailer as a platform” and the opportunities platform building presents, why 2023 is the "Year of the Store," and how retailers are implementing digital innovations across channels. They also discuss why retailers need to diversify their business models, the rise in retail advertising, and what factors are holding back change in the industry.

Topics discussed:

The growing opportunities for "retailer as a platform," and why platform building, platform partnership, and platform monetization offer the best opportunities for retailers today.

Why 2023 is the "Year of the Store," and how retailers are now embracing their physical stores as assets and seeing them as an enabler of their digital strategies.

What types of digital innovation are happening in retail, including in-store elements as well as workforce management, marketing, and more, and which companies are leading the charge.

The various factors fostering change in retail, like retailers taking more control from brands, and what factors are holding back those innovations.

Three big trajectories shaping retail today: the need for diversification, the increase in retail advertising, and whether retailers should "buy, build, or bridge" — or do all three.

Why retailers will get ahead in the future not just with the products they sell but with the thought leadership they bring to the industry.

On today’s episode of The AI in Retail Show, Trevor speaks with Ricardo Belmar, Director Partner Marketing Advisor for Retail & Consumer Goods at Microsoft. They discuss the current landscape of technology in retail, and the areas in which AI can make an impact, like on accelerating product design and creating more personalized CRM messaging. They also discuss the current opportunities for retail media, how and where stores can implement more screens, and how brands will leverage retail advertising in the future.

Topics discussed:

• Ricardo's extensive career in retail, managing network, WiFi, and digital signage services for stores, before moving into software and landing at Microsoft "where I now look across the whole spectrum of retail technology."
• Examples of how AI can be used to benefit retailers, including summarizing customer reviews and accelerating the product design process.
• How Microsoft is focusing on assistive, responsible AI by adding Copilot technology to its services.
• How AI can benefit CRM strategies by creating personalized messages and templates based on in-house customer and business data.
• How AI technology can help improve supply chains, improve sizing challenges, and help solve the returns problem.
• How more retailers are adopting digital screens because of greater variability in screen offerings and lowering costs.
• The growing opportunities brands have today to leverage in-store retail media for their advertising.

On today’s episode of The AI in Retail Show, Trevor speaks with Andrew Lipsman, VP, Principal Analyst at Insider Intelligence, a leading research, data, and insights provider. They discuss what's going on today at the intersection of ecommerce and advertising, how retail advertising has grown much quicker than search and social have, and why Andrew calls it "the most important form of advertising that's ever going to exist." They also discuss current trends in retail media technology, where stores can incorporate opportunities for media, and how in-store audiences are driving retail growth more so than digital audiences.

Topics discussed:

• How Andrew got interested in retail media, his two decades of following digital advertising and advertising research, and how he's excited to see the intersection of ecommerce and advertising.
• The evolution of the three ways of digital advertising — search, social, and retail — and how retail, driven by Amazon, is increasing at much faster rates than search and social has.
• The three vectors of growth in the retail industry, which includes moving up the funnel into video and streaming TV, improvements in data measurement, and more in-store retail media.
• How in-store audiences are driving growth, and are upwards of 70% larger than digital audiences.
• Which spots in a store are "safe" places for retailers to start rolling out media experiences, from checkout, to in-store audio, to the parking lot.
• Which companies are doing in-store media really well right now, and where there's still untapped potential and hesitation.
• What exciting technology or innovations are bubbling up in the retail media space, in both in-store media and data analytics.

On today’s episode of The AI in Retail Show, Trevor speaks with ShiSh Shridhar, Global Retail Lead | Microsoft for Startups at Microsoft. They discuss how retailers are leveraging customer data today, how enterprises and start-ups are co-innovating, and how retailers are using emerging technologies like generative AI, AR, and NFTs. They also discuss the state of immersive commerce in the Metaverse, why wearables are at an adoption tipping point, and which technology is under- and overhyped today.

Topics discussed:

• How ShiSh works with retailers looking for innovative solutions, and curates start-ups to match to them.
• How retailers can leverage all the customer data they collect to drive loyalty, personalization, and retention.
• How enterprises and start-ups are partnering to co-innovate around big data and emerging technologies.
• Which technologies are over- and underhyped today.
• How wearable technology is at a tipping point of adoption and how it will further AR technology with it.
• Where the Metaverse stands today on creating a mixed reality world, and how commerce is becoming more immersive.
• What areas of innovation start-ups are focused on today, including generative AI, Web3 and NFTs, and automation.

On today's episode of The AI in Retail Show Trevor speaks with Sebastian Jimenez, CEO of Rilla to explore how RillaVoice is utilizing AI and natural language processing to revolutionize sales associate conversations and enhance the retail experience. From pivoting during COVID-19 to navigating the challenges of privacy and the potential of technology in retail, this episode covers the journey of bringing AI into the physical retail space and exciting visions for its future.

• Disrupt or be Disrupted: Learn why retailers need to embrace disruption and innovative technologies to stay ahead in a rapidly evolving market. Sebastian draws parallels to Blockbuster to illustrate the risks of stagnation.
• The Power of Voice AI: Discover how voice analytics tools like Rillavoice are transforming retail by providing valuable insights into customer interactions and enhancing sales team performance.
• Addressing Employee Resistance: Get practical insights into overcoming employee hesitation towards in-store conversation recording and monitoring. Sebastian offers an honest assessment and strategies for successful implementation.
• Protecting Customer Privacy: Understand Rillavoice's unique approach to consumer privacy with advanced voice modification and redaction technologies. Learn how they balance data collection with customer trust.
• Change is Inevitable: Explore the psychological barriers to adopting disruptive technologies in the retail space. Sebastian offers perspectives on overcoming a "laggard mentality" to embrace the potential of innovation.

Don't miss this episode if you're interested in:

• The future of voice technology in retail
• Leveraging AI for sales optimization
• Balancing customer privacy and data insights
• Overcoming internal resistance to technology adoption
• Strategies for retail disruption and innovation