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This week's newsletter explores how AI-powered solutions are streamlining fulfillment, optimizing pricing, and elevating the shopping experience, unlocking new avenues for revenue growth and profitability. Our lead story covers how AI is being used to optimize prices and reduce food waste in grocery chains. This is consistent with the work that Profitmind does for retailers across all types of products. Read on to learn more...
This week we investigate a new food trend and continue last week's exploration of fashion resale and sustainability. Read on to learn more...
This week's newsletter highlights the potential for virtual events to generate $800 million to $1.6 billion in incremental sales for a brand like Shein. AI-powered personalization could increase conversion rates by 10-25%, translating to $75 million in additional annual revenue for a $500 million home goods retailer.
AI took a turn on the red carpet at last night's MTV Video Music Awards. Viewers could use a "shoppable lens" from Shopsense, to shop the fit of any celebrity walking the red carpet. I think this tech is going to be massive.
Virtual Try-On has been promised for years, is the technology now ready for retailers and customers? Google thinks so. In other news, The Home Depot is jumping into the retail media network space, GenAI is transforming e-commerce search, and there is a new influencer marketing platform that could benefit retailers. For all of these new ideas, we have quantified the potential benefits for a typical retail business
Overall, this week we have identified 13 ways that retailers are using AI and technology to boost profitability or cut costs. We hope this is interesting to read, but also sparks some ideas that you can bring back to your business. As always, feel free to share your opinions and ask questions - we are all still learning about this exciting new technology together.
Retailers are rapidly adopting AI technologies to drive sales, reduce costs, and boost profits. This newsletter explores how leading brands are leveraging AI's power to gain an edge.
Six new ideas for increasing retail sales, plus more!
From AI-powered shopping carts to drone deliveries, from generative AI in marketing to sustainable product initiatives, retailers are finding innovative ways to enhance customer experiences and drive growth.
This week we discuss the development of AI-powered ecommerce tools and some strategic executive appointments.
Industry Veterans Partner to Introduce the First Artificial Intelligence Retail Analyst Designed to Identify Profit and Incremental Working Capital.
Learn how to empower your organization to deliver successful AI capabilities.
Learn how you can bring in partners to aid your AI transformation efforts.
Learn how to get moving with your AI transformation.
Netail named by Inc.com as one of the "Pittsburgh startups to watch in 2024"
Retail is constantly evolving. Some changes are so small or happen over such a long period of time that the impact on day-to-day business is negligible.
In 2023, retailers face domestic and global uncertainty, including rising inflation, geopolitical events creating unprecedented and unexpected challenges
