AI was a prominent focus at the NRF 2024 Big Show, with discussions revolving around the role of artificial intelligence in the retail industry landscape for the year.
At the NRF 2024 “Big Show” in New York City, the prevailing topic was artificial intelligence (AI), particularly innovative models like generative AI, which permeated every aspect of the event, from exhibit booths to educational sessions.
Although AI has been a longstanding tool in retail technology for over 30 years, the cutting-edge AI models based on machine learning, advanced computer vision, and next-gen predictive capabilities are continuously evolving. This evolution indicates that the new generation of AI technology is far from being considered routine.
The latest AI solutions are being integrated across various enterprise functions. Generative AI, for instance, enables supply chain planners, frontline associates, and customers to interact using conversational language to receive detailed and concise responses. Additionally, advanced computer vision aids retailers in monitoring real-time store activities, while machine learning-based predictive analytics assist in preparing for global supply chain disruptions.
The significance of AI is widely acknowledged within the industry. Unlike past transformative technologies like e-commerce, which faced skepticism initially, next-gen AI has garnered unanimous recognition for its value and potential benefits.
The primary function of next-gen AI lies in extracting untapped value from existing assets and datasets rather than creating new information. By leveraging advanced sorting, segmentation, and analysis tools, retailers can utilize detailed customer data to enhance the overall customer experience.
Furthermore, the role of AI is perceived as that of a co-pilot, aimed at enhancing human efficiency and effectiveness rather than replacing human roles entirely. This collaborative approach underscores AI’s function as a tool to empower individuals in performing their tasks more proficiently.
