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The AI Revolution is Here – Presentation at NRF 2019

Artificial Intelligence (AI) is akin to giving the computer a human-like brain and AI-powered devices can learn, make decisions and solve problems. AI underlies all aspects of the Retail Ecosystem.  Click here to view our reports on AI in retail. This presentation was delivered at NRF 2019 and includes: Definitions and applications of AI AI across geographies and sectors The CORE Framework for AI in Retail The future of AI in retail  

Retail Trends (Revionics)

STRATEGIC ADVISORY- Custom research and advisory to identify, size and act on opportunities, provide actionable market insights, and craft retail strategies and recommendations. RESEARCH ANALYSIS- Coresight Research publishes more than 1,000 reports annually. Our in-depth, data-driven reports provide sector, regional and platform-specific analysis.

New Retail Inspirations – AI

After acquiring a number of online apparel companies, Walmart will host a Lord & Taylor storefront on Walmart.com starting in the spring of 2018. • The intent is to create a premium fashion destination on Walmart.com. • Walmart is beginning to build out “elements of discovery and inspiration” within the fashion portion of its website.

The CORE Framework for AI in Retail

1) Artificial Narrow Intelligence (ANI): “Weak AI” that specializes in one area. We have so far conquered this stage. 2) Artificial General Intelligence (AGI): “Strong AI,” or HumanLevel AI, that is as smart as a human across the board—a machine that can perform any intellectual task that a human being can. 3) Artificial Super Intelligence (ASI): Much smarter than the best human brains in practically every field, including scientific creativity, general wisdom and social skills.

How AI Is Powering Retail Growth (NRF)

• AI is human-like or intelligent behavior exhibited by computers and machines. • It is enabled by a computer program or set of programs that help machines make autonomous decisions through cognitive functions similar to those typically exhibited by human beings, such as learning, decision making and problem solving.

New Retail Becoming a Reality (CES)

• On June 16, Amazon announced its plan to acquire Whole Foods for $13.7 billion in cash. • Amazon closed the acquisition on August 28, and Amazon electronics were available in Whole Foods stores that same day. • Amazon reduced prices on some items by as much as 43% on the day of deal closing and again on November 15.

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