19 January 2024, Mumbai
India’s retail sector is about to get a futuristic AI makeover. As per a recent survey by EY, AI (Gen AI) promises to unlock hidden insights from mountains of data, revolutionising the way customers shop and sell.
Historic view
Traditionally, retail relied on data for insights, but Gen AI takes it a step further. It dives into the messy, unstructured data goldmines, extracting gems that were once hidden.
Hence, around 71 percent of surveyed players, mostly from retail, plan to adopt this AI wizard within a year.
Prognosis
Almost 88 percent believe Gen AI will have a significant influence on their businesses, primarily on customer experience (76 percent envision hyper-personalized shopping journeys!).
By 2025, EY predicts a 20 percent profitability boost for the sector, fueled by both reduced costs and happier, spending-spree shoppers.
Presents huge opportunity
India, with its IT prowess and local retail needs, could become a global Gen AI hub.
But challenges lurk amidst the excitement. Privacy concerns about location tracking for targeted promotions necessitate transparent data usage. And there's the skills gap, with 80 percent being less than fully prepared, with many relying on tech partners for implementation.
Angshuman Bhattacharya, EY leader, aptly calls Gen AI a 'seismic shift.’ Boards, CEOs, and CIOs need to lead this charge, balancing innovation with responsibility, he adds.
Quick insights
Mood-Infused Style Portals:
- Ditch the aisles, dive into your dream closet. Groceries pirouette on your fridge - AI orchestrates the culinary tango. (Maintains rhythm and playful imagery)
Retail Sorcery:
- Cravings conjured, not bought. AI sculpts your desire in pixels, from designer threads to feast-fit-for-a-king. Reality? Just a wish away. (Highlights the "out of thin air" aspect and adds a touch of luxury)
Foresightful Shopping:
- Smarter than smart pants: self-healing clothes, never-empty pantries, homes that morph with your vibe. AI reads your needs before your thoughts do. (Emphasizes the intuitive and adaptive nature of AI)
Tailored Experiences:
- Mass production? So last season. AI paints your retail canvas, every brushstroke a reflection of you. Shop your story, made to order. (Connects the idea of personalization to self-expression)
Ethical Oasis:
- Try-ons, not returns. Sourcing with a conscience. AI guides you to values-aligned haven, where mindful choices sing louder than siren calls. (Emphasizes the positive impact of AI on sustainability and conscious consumerism)
