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FuturistU > Retail > Rewriting the Rules of Retail > Module 4 / 4

Consumer Centric Retail Through Artificial Intelligence

Instructor: Ady Floyd
Payment Innovation
Download the Payment Innovation Trend Report
Today's shopper is looking for convenience, ease, and simplicity, meaning that brands need to take advantage of technological tools to help them create smart retail solutions. Smart retail is all about focusing on leveraging big data, AI interactions and platforms like voice and visual search.

Consumers are now much more willing to provide personal data to retailers, as long as it's mutually beneficial. Throughout this module, Ady will look at how brands can use AI and other technologies to improve the shopping experience online and offline.
Related Trend Report: Payment Innovation
Workshop Questions:
1. What is one way your brand could use smart technology to elevate your customer’s experience?
2. How might you collect more customer data to create a more compelling product/service offering?
Access Advisory Services

Featured Insights

Picture Purchase
Brands are using AI to help consumers shop through pictures
Trend - Using AI and machine learning, consumers can now snap images of products and make instant purchases. Moving beyond voice-activated shopping platforms, brands continue to innovate the retail space with visual shopping applications.
Workshop Question - How can your brand make its retail experience more convenient for consumers?
3.8
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Frivolous Recognition
Facial recognition technologies enhance retail and viewing experiences
Trend - As new interpretations of surveillance develop, the potential of facial recognition technology is unpacked with the tech’s adoption in a range of services and experiences across different industries. From retail to art, brands seek to facilitate customizable and enhanced consumer engagement through a new mode of usage.
Workshop Question - How could your brand use facial recognition tech in its retail experience?
5
Score
Popularity
Activity
Freshness
Patterns
Megatrends

Insights by Trend Hunter AI

AI Companion
Companies are creating AI-powered chatbots for virtual companionship
Trend - Many AI chatbots currently exist to offer utilities to customers, such as help with complex questions on nearly any topic. Companies are now launching chatbots with more personality-focused models that offer virtual companionship to users. These chatbots learn their users and form bonds.
Workshop Question - How could your brand utilize advanced AI chatbots to augment its products or services?
8.5
Score
Popularity
Activity
Freshness
Patterns
Megatrends
AI Search
Search engines are implementing advanced AI chat models to improve accuracy
Trend - Tech companies are investing in AI chatbots powered by language learning models to improve online search engines. This follows the success of independent AI services in the text-generation and art-generation space, which proved the efficacy of human-AI interface tools. Merging these chatbots with popular search engines will improve the accuracy of results and streamline the experience of searching for specific information.
Workshop Question - How could advanced artificial intelligence tools improve your products or services?
7.1
Score
Popularity
Activity
Freshness
Patterns
Megatrends
AI Art
Platforms are simplifying the detailed art-creation process for all users.
Trend - Companies have turned artificial intelligence algorithms toward the art industry with convenient platforms that generate detailed artwork based on a simple text prompt. These platforms can replicate specific art styles and are capable of depicting specific subjects in true-to-life detail.
Workshop Question - How could your brand streamline user experiences with artificial intelligence?
7.9
Score
Popularity
Activity
Freshness
Patterns
Megatrends
AI Character
Developers are equipping non-player characters with AI for entertainment
Trend - Companies that develop metaverse experiences have begun adopting machine-learning artificial intelligence systems in order to increase the quality of virtual worlds. Non-player characters are being augmented with AI to increase interactivity, immersion, and entertainment for players.
Workshop Question - How could your company leverage AI to increase consumer retention?
5.4
Score
Popularity
Activity
Freshness
Patterns
Megatrends
AI Fitness
Fitness apps and systems are using AI to help users exercise and assess their health
Trend - As more people exercise at home, brands are releasing apps and fitness systems that are based in smart technology. These systems assess everything from an individual's health to their workouts, and guide them through personalized workouts that adjust based on needs, form and changing goals.
Workshop Question - How could your brand use smart technology to help consumers progress in their personal goals?
6.6
Score
Popularity
Activity
Freshness
Patterns
Megatrends
App-Based Retail
Retailers create apps to accompany customers' in-store experiences
Trend - Retailers are increasingly merging the convenience of online shopping with the engagement of in-person retail--now with accompanied in-store apps. These apps help enhance customer experiences with everything from product information to shopping assistance.
Workshop Question - How could your brand merge digital and in-person shopping experiences?
6.9
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Autonomous Hub
Unstaffed retailers are popping up in densely populated areas
Trend - Retail hubs like hotels, offices and malls are increasingly featuring unstaffed stores in order to speed up consumers' shopping times. These stores allow for smart detection and automatic charges for products that consumers purchase.
Workshop Question - How could your brand better prioritize convenience within its purchase journey?
7.4
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Reflective Display
Connected mirrors help retailers personalize the shopping journey
Trend - As brick and mortar stores compete with ecommerce, businesses are taking cues from the virtual world with tech-enhanced shopping experiences. This now includes connected mirrors being displayed in-store that allow customers to personalize their shopping journey.
Workshop Question - How could your brand better prioritize customer experience with technology?
7.8
Score
Popularity
Activity
Freshness
Patterns
Megatrends
Retail Finance
Banking apps are including online retail features and functions
Trend - Banking apps are becoming increasingly functional, now with extended features that allow people to shop (or sell) within the apps. These features help customers consolidate some of their lifestyle habits, merging banking and shopping to create simpler online experiences.
Workshop Question - How is your brand prioritizing convenience for its customer base?
5.2
Score
Popularity
Activity
Freshness
Patterns
Megatrends