Fundamental changes in the retail landscape are pushing traditional retailers to the brink. As millennials adopt newer ways to transact, influencing the consumers of tomorrow is no more a human feat. But, will machines do it all? We think there’s a better way.
This year has been rife with news of retailers shutting shops. Whether it was JC Penny shutting 138 shops or the iconic Ralph Lauren closing more than 50 stores, new names were populating the list earlier dominated by Macy’s and Staples. Is this all due to increased competition from Amazon?
In part yes. Staying relevant, managing rising costs and offering a competitive price is the trifecta that retailers are grappling with. But more relevant is the change in the way consumers transact. People no longer want a “me too” rather, they wish for a “me only”! With technology enabling 1:1 marketing, consumers are free to decide what they want, where they want it, at what price and the lead time for any product. And it is up to the retailers to meet and eventually exceed this need.
That’s where we come in. In our highly successful webinar last month “Where machine meets human”, our Co-Founder & CEO Akash Bhatia talks of how AI is transforming the retail landscape.
The four key touch points for AI in retail – continuously improving search, assisting consumers to simulate an “in-store” experience, omnipresence in a consumer’s digital journey and interacting through new interfaces (such as Alexa). In each of these stages, our AI platform ian can help you tap into existing human expertise and leverage machine learning to deliver quick results.
Link to the webinar: https://www.youtube.com/watch?v=VYEspUqwoZk&feature=youtu.be
In our past implementations with e-retailers, we have seen revenue growth of as high as 27% and a jump in the AOV of 20%. This is possible due to ian’s rapid (15 days) and seamless integration into your systems and using AI to exponentially improve your recommendations.
We are confident that in coming times, pure retail play will cease to exist. Amalgamation of human intelligence with the learning capabilities of machines will deliver upon consumers’ changing preferences and help you stay relevant.
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.