According to a report published Monday by Coresight Research You can also find out more about the following: Digital Wave Technology.
The 19-page report explained how generative AI is being used in product design to improve it, automate creation of products and define them better, create advertising ideas faster, and power the product development.
AI can boost productivity for retailers, too, the report says. It cited one multibillion-dollar-revenue North American retailer, with more than 2,000 stores, that sells products across a range of categories that was able to drive an efficiency increase of greater than 90% in the process of onboarding products to the digital store by using generative AI.
MIT45A health supplement manufacturer in Salt Lake City has also seen similar results. “We’ve been able to improve work productivity, and have achieved an 80%-85% improvement,” stated CEO Ryan Niddel.
He told E-Commerce Times that AI was being used to streamline various tasks, such as drafting contracts and documenting operating procedures.
He continued: “Our general counsel, for example, who earns an impressive six-figure annual salary, would spend hours drafting agreements.” With AI, he is able to generate a draft within six minutes, and then quickly enhance it.
He added, “That’s only one example of the way we actively incorporate AI into our operations.”
Tedium Buster
The report stated that Generative AI could also speed up the advertising brainstorming process by creating video, audio, and image content. Lori Schafer said AI is not a technology that will resentfully invade the creative professional’s turf.
She told E-Commerce Times that “the copywriter is still the pilot and AI is a copilot.” “The copywriter gives the AI the information it needs to find, and AI handles a lot tedious work so the copywriters are able to focus on strategy.”
“It allows copywriters to spend more time on creative work, and they love it,” she said. “It makes their job more fulfilling.”
Mike Allmond (co-founder and vice president of) explained that AI can create images and write copy. Then, the marketing team can proofread and edit it. Lover’s LaneA national retail chain that specializes in adult and intimate themed merchandise with its headquarters in Plymouth, Mich.
He told E-Commerce Times that AI can help marketing teams to create new campaigns and strategies, while AI does the work.
Rob Enderle added that when Generative AI is properly trained, it can correct or avoid translation errors. It can also flag words that may be considered socially unacceptable and recommend language which has been proven more effective for a particular region. Enderle GroupA firm that provides advisory services in Bend, Ore.
The E-Commerce Times reported that “AI has already demonstrated huge benefits in one of these early areas.”
Targeting Preferences
“As someone who utilizes AI daily to help with my company’s marketing and creative initiatives, I can safely say that AI is like having an extra set of hands — and more importantly, brain — for my creative and marketing efforts,” said Brian Prince, founder and CEO of Top AI ToolsOperator of an AI resource, educational platform and tool in Boca Raton (Fla.).
He told the E-Commerce Times that it automates repetitive work, such as data analysis and segmentation of customers, allowing his team to concentrate on creative tasks.
“AI-driven tools provide valuable insights into the preferences of customers, which is an advantage for retailers that are focused on crafting personalized He added that effective marketing campaigns can boost retail sales.
AI can be used to identify these preferences by analyzing the content that people watch. This allows brands to align their messages with content that evokes similar or the same emotions as their digital ads, explained Tricia Allen. Hotspex MediaA digital media agency located in Toronto.
“Emotional alignment has increased attention by 20 percent.” It’s more effective at engaging viewers with a 12% rise in video ads that are watched until the end,” she told E-Commerce Times.
Aid to Continuous improvement
The report noted that generative AI could be helpful in the process of continually improving products. It explained that analyzing feedback on products is crucial to completing the launch of a product and feeding into the cycle of continuous product development. It explained that generative AI can gather information from existing product reviews, which could inform improvements.
Machine-learning solutions have been able for a long time to mine product review sentiment. But the unique capabilities that generative AI has to analyze text, summarize it, and compose it take this function to a whole new level, according to the report. Product reviews are a treasure trove of information that can be used for product development, description and attribution.
It added that identifying product issues early on in the development process can reduce expensive returns for a brand or retailer.
Prince explained that AI plays a vital role in ensuring continuous improvement in every industry, but especially in retail. AI can improve products by analyzing market trends and customer feedback.
“It helps in A/B tests, which allows retailers to experiment with various features and quickly identify what works best. Leading to products that meet better consumer needs,” added he.
AI Experts: Work with them
The report recommended that retailers and brands who want to adopt AI technology work with an organization with built-in AI platforms that have the necessary security, policies and procedures in place to protect “brand confidential” information. Its guiding principles also include ethical AI practices.
Schafer explained that “you need to find an expert who knows how to create AI and develop a business solution.” If you try to use AI models available on the market today, you may experience hallucinations. This means that the AI will answer incorrectly to questions it has not been trained to answer.
Kory Daniels is the CISO for TrustwaveRetailers must audit and test the security features of these systems as more platforms for business intelligence and analytics integrate generative AI.
He told the E-Commerce Times that, while the benefits of using these tools are substantial, their security has yet to be proven. “Therefore adopting a risk-benefits approach is crucial, and the CISO should lead the way in assessing the implications.”
He said, “Retailers should carefully evaluate the risks and rewards of using generative artificial intelligence before they deploy it.”
