Empowering Retailers: Is the AI-Driven Future More than Just Hype?
Ever since more brands start to see the tremendous promise that AI has in the retail sector, they are identifying a wide range of possible applications that reshape the shopping experience. However, can we ever cut through the hype and deliver long-term value for their businesses?
In our conversation with Jonathan Lim, Chief Investment Officer, Shaw Investment Holdings during the eTail Australia interview, he shares his insights on how AI can bring innovative opportunities, from personalising storefronts to tracking real-time inventories for stock optimisation.
However, there is an air of uncertainty around how AI can drive transformation in the industry. Will it ever become ubiquitous in retail or are those benefits mere hype? As much as its pool of solutions can enhance operations, when a throng of retail players jump on the bandwagon to snag these resources, can they secure competitive advantage?
Jonathan dives into,
- How AI Takes Dynamic Pricing Out of the Picture: When every retailer consults an AI agent to make pricing decisions, they are interfacing with competitors, thereby rendering product prices to reach a consensus and losing strategic position!
- Investments in Energy Infrastructure: As harnessing in a wealth of data is highly crucial to running models, pumping investments into AI-driven solutions will dramatically increase accuracy and enhance operations
- Strategic Collaboration: The development of an AI-powered tool offers retailers an opportunity to complement with other eCommerce players who are trying to experiment with its use, boosting their ROIs!
- The Social Media Ban: The increasing regulatory intervention in the online space goes beyond cutting off access to certain services for a specific demographic group, the critical question lies in how they can impose limitations on data generation