AI and Retail

AI Monday, Jun 22, 2020

“AI and Retail” was the topic of this AI Monday. And since the German government wants us to shop like frenzy, by reducing the VAT until the end of the year, we thought to focus on the Retail industry fits actually pretty well. Despite this, the retail industry is actually one of the earliest industries understanding the value of AI.

As many stores see declining revenues or even close, surviving retailers are recognizing the need to invest in tech that promises to improve productivity and profitability. Autonomous & unmanned checkout was a notable trend in the past. Now it is computer vision and AI: better shopper and inventory tracking, enabling new customer-friendly, often cashier-less checkouts.

But also, to process consumer insights will be crucial, and boosting supply chain speed will become a priority. AI-driven demand management can also not just improve laser-sharp margins, but also tackle the increasing customer demand in a more sustainable – more circular, less waste prone society.

AI will enable a more personalized product recommendation even the whole online buying experience. Some brands like Adidas have already developed on-demand manufacturing. Some retailers and brands have gathered lots of data about consumers. As a result, consumers will expect even more relevant and personalized experiences.

Manufacturers and retailers are also working to better educate shoppers to make returns less likely. AI can help to solve the difficult “what’s the right size” issue, so it’s less crucial to build more efficient reverse supply chains. Also here adding a special focus on the sustainability impact will be an increasing topic, brands and retails must pay attention.

The speakers

Head of Economics and Experimentation
Zalando
Co-Founder
Signatrix
Head of Innovative Retail Laboratory
DFKI

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