Cision PR Newswire

The firm's new use case library for the retail and wholesale industry explores generative AI use cases for the sector. Highlighting both opportunities and challenges, the firm's collection of use cases provides valuable insights into demand forecasting, product recommendation, fraud detection, and more.

TORONTO, Oct. 16, 2023 /PRNewswire/ - Info-Tech Research Group has recently published its comprehensive collection of use cases, entitled Generative AI Use Case Library for the Retail and Wholesale Industry. The revolutionary technology of generative artificial intelligence (AI) offers unparalleled opportunities for the retail and wholesale sector, which is under immense pressure to quickly implement robust AI solutions that not only create value for internal stakeholders but also provide customers with an exceptional experience. However, the situation has left IT leaders grappling with determining the best starting point for their organizations to start the AI journey. To help navigate this challenge, the firm's new comprehensive resource aims to assist retailers in identifying value-driven generative AI use cases that can truly transform their organizations.

"The new era of generative artificial intelligence (AI) in the retail and wholesale sector brings unprecedented opportunities for enterprises, both big and small, to revolutionize customer experiences, drive innovation, enhance operations, and unlock new levels of growth via cost and competitiveness. For the retail and wholesale sector, this is a once-in-a-lifetime opportunity," says Rahul Jaiswal, principal research director at Info-Tech Research Group. "Embedding generative AI into the digital core of an enterprise will change the ability of the enterprise to optimize operations, manage information, generate quicker insights, innovate with new experiences, augment front-line workers, and connect and communicate with customers."

The broad and diverse nature of AI, highlighted by Info-Tech's research and use cases, presents both a world of opportunities and challenges in pinpointing its most effective application within an enterprise. Beyond just implementation, the governance of AI presents its own set of difficulties, for which IT leaders must bear the responsibility. Currently, the industry has a limited understanding of potential use cases and how to effectively align them with strategic objectives.

The firm's resource provides Gen AI use cases, which represent a technology or combination of technologies leveraged to target specific capabilities within an organization's operations to create value. Organizations within the retail industry can use these Gen AI use cases as a catalyst during the ideation phase of AI deployment, setting the stage for a structured rollout. Use cases are the foundational building blocks of the initiatives that ultimately deliver value to the organization. As outlined in the firm's resource, AI has the potential to optimize and enhance many areas of retail and wholesale, including:

Demand Forecasting: Enterprises could leverage AI as their central engine to determine trends and predict consumer demand patterns, thus eliminating guesswork.

Product Recommendation: A conversational AI-based selection process can accelerate product selection, drive better outcomes, and help businesses better understand their products and customers.

Virtual Try-On: AI-powered virtual try-on helps brands create virtual experiences in which customers can digitally try on clothing, accessories, or cosmetics.

Fraud Detection: Generative AI's unique ability to ingest large amounts of customer and transactional data can be leveraged to identify new patterns of fraud and other risks that may be going undetected within an enterprise.

Supply Chain Optimization: AI can be leveraged to optimize supply chain operations by analyzing data on supplier performance, transportation routes, and inventory levels.

Layout Optimization: By simulating different merchandising strategies, generative AI may enable retailers and wholesalers to visualize the impact of various product placements and display techniques.

Info-Tech further highlights the recent surge of vendors branding their offerings with "Gen AI," positioning it as the latest tech buzzword. However, the firm advises that when vendors claim to offer Gen AI functionality, it is essential they clarify what is "generative" about it. The solution must be able to induce new outputs from inputted data via self-supervision rather than producing predefined outputs based on specific inputs.

To learn more about implementing Gen AI in the retail industry, download the complete Generative AI Use Case Library for the Retail and Wholesale Industry.

For media inquiries on the topic or to get exclusive, timely commentary from Rahul Jaiswal, an expert in retail and professional services, please contact pr@infotech.com. 

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

Info-Tech Research Group is one of the world's leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 IT and industry analysts through the firm's Media Insiders program. To gain access, contact pr@infotech.com.

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SOURCE Info-Tech Research Group