AI is revolutionizing retail, delivering substantial returns, enhancing customer personalization, optimizing supply chain management, and streamlining operations.
Join us as we highlight real-life examples and best practices from industry leaders who are leveraging AI to transform their businesses and stay ahead of the competition.
Today’s Rundown
State of the Consumer 2024: What’s now and what’s next in retail innovation and consumer behavior.
Q1 2024 Benchmark report: Download the Q1 2024 Home Furnishing Benchmark Report and see how your store compares to the industry average.
Consumer Health: Census retail sales data for May shows a ‘reasonably healthy consumer’.
How AI Is Revolutionizing Retail
Retail is being transformed by AI, bringing significant returns, personalized customer interactions, optimized supply chain management, and streamlined operations. This leads to enhanced efficiency, reduced costs, and increased customer satisfaction, highlighting AI’s potential in retail.
In collaboration with Mike Edmonds, a retail expert from Microsoft, insights were shared at the Generative AI in Retail event on June 4, 2024. Edmonds noted that the rapid adoption of generative AI in retail is due to its benefits like increased productivity and revenue, with retailers quickly moving from proof of concept to large-scale deployments.
Edmonds emphasized that the success of AI solutions relies on data quality and integration. “Your AI strategy is only as good as your data strategy,” he noted, stressing the importance of a unified data estate to leverage generative AI.
He highlighted various AI applications in retail:
- Personalized Shopping: AI tailors experiences to individual preferences, enhancing satisfaction and loyalty.
- Inventory Management: AI predicts demand trends, optimizing stock levels.
- Customer Service: AI chatbots handle inquiries, freeing human agents for complex issues.
- Dynamic Pricing: AI adjusts prices in real-time based on market factors.
Marketing and Advertising: AI creates targeted campaigns, improving conversion rates and ROI. - Fraud Detection: AI identifies unusual transaction patterns to reduce fraud.
- Product Development: AI analyzes trends and feedback to guide product creation.
Edmonds concluded, “We are at a tech inflection point, making it an exciting time for retail innovation with AI.”
Last week by the numbers
Last week the furniture industry as a whole averaged 29 opportunities a day, a 2.7% increase compared to last week. On the East coast, furniture retailers saw slightly less traffic than the industry average with an average of 25 visits a day. Conversely, the West coast averaged 41 visitors a day, a 5.2% increase to the previous week.
The Mattress industry saw similar foot traffic across the board with an average of 3 visitors a day, a 3.9% decrease week-over-week. The industry as a whole had an average ticket of $1,746 over the last 7 days, a 0.8% increase compared to the previous week. The east coast had an average ticket of $1,806 over the same period, while the west coast had a lower average ticket of $1,658.
Introducing the Drift
Sleep Guide Certified Program for RSAs and Mattress Professionals
I am so excited to announce that The FAM has teamed up with Dr. Kimberly Lemke to create the Drift Sleep Guide Certified program!
This three month learning lab is purpose-built for Retail Sales Associates and mattress professionals who want to master the art of sleep and sales.
What’s in Store for You?
- 5-Level Online Course: Comprehensive content, workbooks, and quizzes.
- (2) Sleep Guide LIVE Webinars: Engage directly with Dr. Kim and Mark Kinsley (10 a.m. CST, June 13 is our first live event!)
- Exclusive Community: Participate in lively discussions and get answers to your specific questions.
- Personalized Sleep Coaching: Benefit from Dr. Lemke’s personalized strategies to unlock your peak potential and skyrocket sales.
- Certified Excellence: Earn your official Drift Sleep Guide Certified printable plaque upon completion.
Join now for a one-time investment of only $599!
Earn your official Drift Sleep Guide Certified printable plaque upon completion of the program.
Retail Trends
Consumer Health: Census retail sales data for May shows a ‘reasonably healthy consumer’.
Consumer Behavior: How Zillennials are redefining consumer behavior.
State of the Consumer 2024: What’s now and what’s next in retail innovation and consumer behavior.
Random Irrelevance
Heat wave latest: How long the dangerous temperatures will last.
Must See: Stonehenge to see rare alignment this week—A ‘major lunar standstill’.
A Star is Born: “Once-in-a-lifetime” cosmic explosion is likely this summer.
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