The Power of GenAI in Retail: Unleashing Potential from Algorithms to Apparel

Generative AI is transforming the retail industry in ways we never thought possible. With the rise of sustainability, technology revolutions, and new generations coming in, it’s important to stay ahead of the curve and avoid getting disrupted.

Customers are more powerful than ever, and they demand transparency and even co-creation of products and services, but we need to be careful not to let them take over completely. That’s why it’s essential to establish a personal emotional connection with our customers. By focusing on the 4 quadrants of empathy - see, hear, think, feel, say, and do - we can create a more advanced and personalized shopping experience for our customers.

Generative AI is at the forefront of innovation in the retail and consumer goods domain. Our leading global customers have already started tailoring the shopping experience on an individual level using this technology.

Let’s highlight some key enterprise use cases that we’ve seen customers exploring over the past few months in three categories:

Starting with the most important one: The Customer Experience Navigator:

• When we look at product and display design: Generative AI can analyze current market trends, consumer preferences, and historic sales data to create new product designs. The AI model can generate multiple variations, allowing companies to shortlist the most appealing options.
  
  
• Retailers can also use generative AI to create virtual photoshoots, which can save time and money compared to traditional photoshoots. The AI model can generate images of products in different settings, lighting, and angles.
  
  
• But what about customer service support? Generative AI can be used to provide customer service support by answering frequently asked questions, providing product recommendations, and resolving customer complaints.

The next category our customers have explored is the Enterprise Knowledge Navigator:

• Could you imagine the possibilities of intelligent product search: helping retailers understand the true intent behind customer search queries and create product listings accordingly?
  
  
• Let’s not forget about data enrichment: translating multiple forms of customer feedback like images and audio into actionable text-based information while adhering to regulations and policies.
  
  
• And with data enrichment retailers can lean into actionable insights generation where Generative AI analyses the large volumes of customer data from all possible channels including social media to make correlations and generate actionable insights.

The third category is Process Optimization:

• Generative AI can generate product descriptions for e-commerce websites. The AI model can analyze product features, benefits, and customer reviews to create compelling descriptions that drive sales.
  
  
• It can be used to create personalized marketing content for customers. The AI model can analyze customer data and generate content that is tailored to their preferences and interests and help retailers can stay competitive, improve operational efficiency, and provide better customer service.

Now retailers can create real personalized shopping experiences for their customers. By analyzing customer data, the AI model can generate content that is tailored to their preferences and interests. This can help retailers build stronger relationships with their customers and increase customer loyalty.

In addition, Generative AI can provide retailers with valuable insights into customer behavior and preferences. By analyzing large volumes of customer data, the AI model can identify patterns and trends that can help retailers make informed decisions about product development, marketing, and sales.

Overall, it has the potential to revolutionize the retail industry by providing retailers with the tools they need to stay competitive and provide better customer service. By embracing this technology, retailers can improve operational efficiency, increase customer loyalty, and drive sales.

Discover how Cognizant can help solve some of the retail industry’s greatest challenges. Visit our retail hub to watch our latest GenAI Use Case video presented by our Retail, DX and AI experts.