Me, Myself, and AI
Bonus Episode: How Is Artificial Intelligence Transforming Retail Organizations?
Jan 30, 2024
In this bonus episode, the hosts discuss the use of AI in retail organizations. They explore the value of AI in the fashion business, the impact of AI on retail allocation, and the challenges faced in integrating AI technology. They also discuss demographic-based store organization and the transformative power of generative AI.
25:10
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Quick takeaways
- AI is being applied in retail to enhance customer experience and improve operational processes, such as optimizing product distribution and reducing stockouts.
- AI is integrated into all aspects of Walmart's operations, enabling personalized merchandising, strategic product placement, and enhanced customer service.
Deep dives
Applying AI in Retail: Insights from Fabio Luzzi of Tapestry
Fabio Luzzi, Chief Data and Analytics Officer of Tapestry, discussed how artificial intelligence (AI) is transforming the retail industry. Tapestry, which owns brands like Coach and Kate Spade, is a data-rich company with a complex value chain. Luzzi highlighted two key areas where AI is being applied: enhancing customer experience and improving operational processes. He provided an example of how AI is used for allocation, optimizing the distribution of products from warehouses to stores and minimizing stockouts. By leveraging sophisticated forecasting models, AI helps automate and improve the allocation process, resulting in increased revenue and reduced stockouts.
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