The luxury retail market’s explosive growth from 2019 till 2023 (raising ~30%) has come to an end as of Q1 2024. Is there a role that purpose-built AI solutions can play in alleviating some of the headwinds facing luxury retail while still delivering paramount customer care? Listen to the conversation between luxury retail expert Erwan Rambourg, head of Consumer & Retail Research at HSBC, and Kimberly Chin, the retail journalist at Axios discussing the potential AI opportunities in this sector. Watch the entire panel conversation via this link: https://lnkd.in/eyYHgZRh #AI #LuxuryRetail #Luxury #AIInLuxury #AINRF #generativeai #nrf2024 #nrfbigshow #retail #consumerretail #ecommerce #aiinretail
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📢 Witness the future of luxury retail! 🏆 Learn how Stefanini used AI to empower a leading luxury retailer to redefine customer experiences in this video. https://lnkd.in/g2gvZC5q #Stefanini #WeAreStefanini #ArtificialIntelligence Stefanini North America and APAC
Witness the future of luxury retail! Learn how Stefanini used AI to empower a leading luxury retailer to redefine customer experiences in this video. https://lnkd.in/g2gvZC5q #Stefanini #WeAreStefanini #ArtificialIntelligence
Shaping the Future of Luxury Retail with Artificial Intelligence
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The headlines for AI in retail have been touting that "73% of consumers believe AI can have a positive impact on their customer experience." Strangely, they don't really touch on another statistic from Redpoint Global's report: "77% of consumers believe positive customer experiences still need an element of human touch." Last we checked, 77% is greater than 73%. Of course, we're being a little facetious here: these groups aren't mutually exclusive. It's perfectly reasonable to expect AI to be helpful even if you still want a human to be involved on the other side of the transaction. But this survey of consumers does show that in the very near future, the human element will become a luxury feature for brands who want to provide that #clienteling experience to their shoppers. We're already seeing it in grocery stores (the default seems to be self-checkout, no?) and when ordering fast-food (hello robot kiosks!), and it's bound to happen in retail stores as many brands decide that the efficiency and cost-savings outweigh human representatives. We wrote about this recent on our Endear blog where we detail why brands that offer the human touch feel so... luxurious. And this will hold true, even as AI in retail becomes a bigger part of the in-store shopping experience. The human touch will be key for brands who want to keep their top customers happy and coming back to their physical locations. We think it's a given that brands will always provide a human interaction to their top 20%. What's more interesting is how AI can also provide better clienteling to the 80%. Can AI get good enough that interacting with a machine can still feel like great, personalized customer service? That's the goal, and we think it will get there. What do you think? Will AI soon be good enough to provide decent clienteling to most shoppers? Read here: https://lnkd.in/eyKWUcFJ #retailstrategy #luxuryretail #customerengagement #customerexperience
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If you look at any tech innovation through history, the companies who have tried to use that new innovation to replace their human workforce have suffered or failed. It's instead the companies who equip their people with the best technology and understand that a combination of tech + human intervention = the best of any innovation.
The headlines for AI in retail have been touting that "73% of consumers believe AI can have a positive impact on their customer experience." Strangely, they don't really touch on another statistic from Redpoint Global's report: "77% of consumers believe positive customer experiences still need an element of human touch." Last we checked, 77% is greater than 73%. Of course, we're being a little facetious here: these groups aren't mutually exclusive. It's perfectly reasonable to expect AI to be helpful even if you still want a human to be involved on the other side of the transaction. But this survey of consumers does show that in the very near future, the human element will become a luxury feature for brands who want to provide that #clienteling experience to their shoppers. We're already seeing it in grocery stores (the default seems to be self-checkout, no?) and when ordering fast-food (hello robot kiosks!), and it's bound to happen in retail stores as many brands decide that the efficiency and cost-savings outweigh human representatives. We wrote about this recent on our Endear blog where we detail why brands that offer the human touch feel so... luxurious. And this will hold true, even as AI in retail becomes a bigger part of the in-store shopping experience. The human touch will be key for brands who want to keep their top customers happy and coming back to their physical locations. We think it's a given that brands will always provide a human interaction to their top 20%. What's more interesting is how AI can also provide better clienteling to the 80%. Can AI get good enough that interacting with a machine can still feel like great, personalized customer service? That's the goal, and we think it will get there. What do you think? Will AI soon be good enough to provide decent clienteling to most shoppers? Read here: https://lnkd.in/eyKWUcFJ #retailstrategy #luxuryretail #customerengagement #customerexperience
The Future of Retail: Why a Human Touch is the New Luxury | Endear Blog
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Witness the future of luxury retail! Learn how Stefanini used AI to empower a leading luxury retailer to redefine customer experiences in this video➡https://bit.ly/3N0zNQ3 #Stefanini #WeAreStefanini #ArtificialIntelligence
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The shifts affecting luxury retail, plus the environmental impacts of online shopping, generative AI in banking, jumpstarting digital therapeutics, and more in our latest newsletter. #retail #LuxuryRetail
How A Chinese Travel Slowdown Will Impact Luxury Trends And More
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Partner at Oliver Wyman / Head of the Retail & Consumer Goods Practice, Americas / Co-Head Quotient AI Practice, Americas
The shifts affecting luxury retail, plus the environmental impacts of online shopping, generative AI in banking, jumpstarting digital therapeutics, and more in our latest newsletter. #retail #LuxuryRetail
How A Chinese Travel Slowdown Will Impact Luxury Trends And More
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The shifts affecting luxury retail, plus the environmental impacts of online shopping, generative AI in banking, jumpstarting digital therapeutics, and more in our latest newsletter. #retail #LuxuryRetail
How A Chinese Travel Slowdown Will Impact Luxury Trends And More
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The shifts affecting luxury retail, plus the environmental impacts of online shopping, generative AI in banking, jumpstarting digital therapeutics, and more in our latest newsletter. #retail #LuxuryRetail
How A Chinese Travel Slowdown Will Impact Luxury Trends And More
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🛍️Leveraging AI for Shopping Mall Optimization In today's fast-paced world, Shopping Malls are constantly seeking #innovative solutions to enhance the shopper's experience. #AI is at the forefront of this transformation! ⭐ AI isn't just for #science fiction anymore. It's now a real game-changer in the #retail industry, offering exciting possibilities, including crowd control and efficient air conditioning. Watch this intriguing video to see how #CordatusAI is revolutionizing the Shopping Mall experience with AI-driven solutions. From ensuring a pleasant shopping environment to optimizing operations, Cordatus is leading the way. https://lnkd.in/dHdzQpG8 If you're in the retail or property management industry, you won't want to miss this! 🛒👚👜 Let's explore how AI is reshaping the future of Shopping Malls together. 👇 Feel free to share your thoughts in the comments. #AIInRetail #Innovation #ShoppingMalls #Cordatus #AIAdvancements #iva #articialintelligence
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