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According to a survey by  KPMG , 70% of retail leaders mainly prioritize the use of Generative AI for sales and marketing. Generative AI can streamline retail use cases like crafting customer review summaries, personalized marketing campaigns, and unique product descriptions. Additionally, it can help predict customer preferences. Retailers can provide customers with a more personalized and engaging shopping experience by leveraging the creative potential of AI. Read on to discover the benefits and use cases of GenAI in the retail industry. What Is Generative AI? Generative AI is an umbrella term for artificial intelligence models that can understand text prompts and respond with text, images, or videos as output. Some of the popular Generative AI models, like GPT-4 and Google’s Gemini, can write articles, scripts, social media post content, emails, or answer any prompt you throw at them. These models respond to your prompts using data sets they have been trained on, which at times...

With the rise of artificial intelligence (AI) in 2024, the adoption of computer vision tools is set to accelerate exponentially. The global Computer Vision market is projected to reach a market cap of  US$46.96bn  by 2030. Due to the technology’s capability to utilize algorithms, deep learning models, and convolutional neural networks to enable AI systems to derive meaningful insights from images, videos, and other visual inputs – and to make suggestions or take actions when an issue is noticed, the scope of computer vision tools expands across industries such as manufacturing, healthcare, security, automotive, etc. However, with multitudes of computer vision tools, software libraries, frameworks, and platforms available, finding a solution that best fits your business’s computer vision tasks can be a hassle. In this blog, we have made a list of the most popular computer vision tools and their use cases to help you have clarity while choosing the right solution for your busine...

  Consumers are driving the future of product development! Today’s market demands align with advancements in AI and eco-friendly practices. A whopping   71% of consumers crave personalization , while   78% prioritize sustainability   – even if it means paying more for eco-friendly products. Also, AI is revolutionizing experiences with smart home devices and personalized fitness apps. This trend towards responsible design is fuelled by consumer demand, with companies focusing on renewable materials and energy-efficient production. By embracing these trends, innovators can develop higher-quality products that resonate with the market and keep them ahead of the curve. But are these the only ones that you must be aware of? Let’s discuss it in detail! Exploring the Eight Pioneering Trends Transforming Product Modernization in 2024: A Detailed Discussion Well, the product development environment is like a never-ending sprint, and you have to stay on top of your game to win...

  Generative AI   in retail is booming, with a   10.4% growth rate by 2028 . And get this—60% of clients think it can revolutionize retail, from boosting customer service to automating storefronts! That’s a cool figure, right? For sure, yes, and yeah, of course, as we all know, excellent customer service, creative marketing, and easy website navigation are essential in the retail industry if you’re aiming to attract more clients. Loyal customers seldom leave their favorite brands, indirectly increasing your business’s revenue. Moreover, 70% of leaders favor  Generative AI in marketing and sales . These stats clearly show the significance of  Generative AI applications in the retail sector . But the question is, what exactly is Generative AI? How is this groundbreaking technology transforming the future of retail investment guidance? What is Generative AI? Generative AI, including models like ChatGPT or DALL-E, GPT-4 and Google’s Bard, can create new data similar...