Liwaiwai Liwaiwai
  • /
  • Artificial Intelligence
  • Machine Learning
  • Robotics
  • Engineering
    • Architecture
    • Design
    • Software
    • Hybrid Cloud
    • Data
  • Learning
  • About
  • /
  • Artificial Intelligence
  • Machine Learning
  • Robotics
  • Engineering
    • Architecture
    • Design
    • Software
    • Hybrid Cloud
    • Data
  • Learning
  • About
Liwaiwai Liwaiwai
  • /
  • Artificial Intelligence
  • Machine Learning
  • Robotics
  • Engineering
    • Architecture
    • Design
    • Software
    • Hybrid Cloud
    • Data
  • Learning
  • About
  • Artificial Intelligence
  • Machine Learning

Beyond COVID-19, Retail Looks To Transform With AI/ML

  • November 23, 2020
  • liwaiwai.com

The global retail industry, which has grappled with waves of change over the past decade, is facing one of its most dynamic and unpredictable periods to date. When I speak with retail executives, some are thriving, some are surviving, and some are struggling. What I have taken from these conversations is that COVID-19 has seriously condensed the timeline available to play ‘catch up’ in developing agile, resilient operating models powered by cloud infrastructure, artificial intelligence and machine learning (AI/ML) technologies.

At Google Cloud, we recently commissioned a survey of global retail executives to better understand which AI/ML use cases across the retail value chain drive the highest value and returns in retail, and what retailers need to keep in mind when going after these opportunities. While the study has applicability across all of retail, the researchers focused their effort around two specific sub-segments —Food, Drug, and Mass merchants (FDM) and Specialty —as these verticals have faced dramatically different challenges during COVID-19. Here are the key findings:


Partner with liwaiwai.com
for your next big idea.
Let us know here.



From our partners:

CITI.IO :: Business. Institutions. Society. Global Political Economy.
CYBERPOGO.COM :: For the Arts, Sciences, and Technology.
DADAHACKS.COM :: Parenting For The Rest Of Us.
ZEDISTA.COM :: Entertainment. Sports. Culture. Escape.
TAKUMAKU.COM :: For The Hearth And Home.
ASTER.CLOUD :: From The Cloud And Beyond.
LIWAIWAI.COM :: Intelligence, Inside and Outside.
GLOBALCLOUDPLATFORMS.COM :: For The World's Computing Needs.
FIREGULAMAN.COM :: For The Fire In The Belly Of The Coder.
ASTERCASTER.COM :: Supra Astra. Beyond The Stars.
BARTDAY.COM :: Prosperity For Everyone.

 

There is significant value at stake that can be created with AI/ML across Food, Drug, Mass and Specialty retailers

The researchers looked at 75 use cases across Food, Drug, Mass and Speciality retail to understand where AI/ML can help retailers derive value across different areas of their business.

exmaple ai_ml use cases.jpg

For Food, Drug, Mass merchant retail the research showed that the application of AI/ML technologies can potentially drive ~$280-650B across the value chain as adoption accelerates. Similarly for Speciality Retailers the research found a potential to deliver ~$230-520B in value by 2023. In an industry where profit margins are in the single digits, AI/ML is increasingly a foundational investment area for retail leaders.

Read More  Google Cloud Next 2019 | Things I Wish I Knew Before Building Serverless ML Solutions

 

A few use cases unlock a disproportionately large share of value

While there are many considerations that go into deciding which AI/ML projects to work on, the data showed there is a clear opportunity for retailers to choose initiatives that drive greater value creation. Across a wide range of retailers a few use cases stood out.

use cases.jpg

For Food, Drug and Mass merchant retailers, merchandising, store operations and logistics are some of the largest cost drivers of the P&L. Not surprisingly, four out of the top ten use cases for this segment fall under these parts of the value chain, including frictionless check out, picker routing, automated task dispatch and shelf checking. Retailers in this space can leverage AI/ML capabilities to gain efficiency and productivity for their employees by automating tasks across stores and distribution centers.

In Specialty, the use cases that drive the most value fall within merchandising and assortment, product lifecycle management, and logistics and fulfillment. For these retailers, use cases within merchandising and assortment make up five out of the top ten list and focus on improvements in demand planning by optimizing assortment, inventory, and markdowns. By combining data and signals from various parts of their business and using AI/ML enabled analytics, merchandising teams can see patterns that traditional analytics often miss and make granular predictions even for new/ short life cycle products.

 

Learn more about transforming your business with AI

At Google, we’ve been solving business problems with AI and machine learning technologies for over a decade and are excited to be bringing this experience and our technology to our customers. Leading retailers including Carrefour, Zulily and The Home Depot rely on Google Cloud AI and machine learning products to transform their businesses.

Read More  Machine Learning Predicts How Big Wildfires Will Get

You can dig deeper into the results of the research and read more customer case studies in this ebook or watch our recent webinar featuring a conversation with Zulily.

 

By Carrie Tharp VP of Retail and Consumer Solutions, Google Cloud

Source: Google Cloud Blog


For enquiries, product placements, sponsorships, and collaborations, connect with us at [email protected]. We'd love to hear from you!

Our humans need coffee too! Your support is highly appreciated, thank you!

liwaiwai.com

Related Topics
  • COVID-19
  • Google Cloud
  • Google Cloud AI
  • Retail
You May Also Like
OpenAI
View Post
  • Artificial Intelligence
  • Platforms

How We Interact With Information: The New Era Of Search

  • September 28, 2023
View Post
  • Artificial Intelligence
  • Engineering
  • Machine Learning
  • Platforms

Bring AI To Looker With The Machine Learning Accelerator

  • September 28, 2023
View Post
  • Artificial Intelligence
  • Technology

Microsoft And Mercy Collaborate To Empower Clinicians To Transform Patient Care With Generative AI

  • September 27, 2023
View Post
  • Artificial Intelligence
  • Technology

NASA’s Mars Rovers Could Inspire A More Ethical Future For AI

  • September 26, 2023
View Post
  • Artificial Intelligence
  • Platforms

Oracle CloudWorld 2023: 6 Key Takeaways From The Big Annual Event

  • September 25, 2023
View Post
  • Artificial Intelligence

3 Ways AI Can Help Communities Adapt To Climate Change In Africa

  • September 25, 2023
Robotic Hand | Lights
View Post
  • Artificial Intelligence
  • Technology

Nvidia H100 Tensor Core GPUs Come To Oracle Cloud

  • September 24, 2023
View Post
  • Artificial Intelligence
  • Engineering
  • Technology

AI-Driven Tool Makes It Easy To Personalize 3D-Printable Models

  • September 22, 2023
A Field Guide To A.I.
Navigate the complexities of Artificial Intelligence and unlock new perspectives in this must-have guide.
Now available in print and ebook.

charity-water



Stay Connected!
LATEST
  • OpenAI 1
    How We Interact With Information: The New Era Of Search
    • September 28, 2023
  • 2
    Bring AI To Looker With The Machine Learning Accelerator
    • September 28, 2023
  • 3
    3 Questions: A New PhD Program From The Center For Computational Science And Engineering
    • September 28, 2023
  • 4
    Microsoft And Mercy Collaborate To Empower Clinicians To Transform Patient Care With Generative AI
    • September 27, 2023
  • 5
    NASA’s Mars Rovers Could Inspire A More Ethical Future For AI
    • September 26, 2023
  • 6
    Oracle CloudWorld 2023: 6 Key Takeaways From The Big Annual Event
    • September 25, 2023
  • 7
    3 Ways AI Can Help Communities Adapt To Climate Change In Africa
    • September 25, 2023
  • Robotic Hand | Lights 8
    Nvidia H100 Tensor Core GPUs Come To Oracle Cloud
    • September 24, 2023
  • 9
    AI-Driven Tool Makes It Easy To Personalize 3D-Printable Models
    • September 22, 2023
  • 10
    Huawei: Advancing a Flourishing AI Ecosystem Together
    • September 22, 2023

about
About
Hello World!

We are liwaiwai.com. Created by programmers for programmers.

Our site aims to provide materials, guides, programming how-tos, and resources relating to artificial intelligence, machine learning and the likes.

We would like to hear from you.

If you have any questions, enquiries or would like to sponsor content, kindly reach out to us at:

[email protected]

Live long & prosper!
Most Popular
  • Coffee | Laptop | Notebook | Work 1
    First HP Work Relationship Index Shows Majority of People Worldwide Have an Unhealthy Relationship with Work
    • September 20, 2023
  • 2
    Huawei Connect 2023: Accelerating Intelligence For Shared Success
    • September 20, 2023
  • 3
    Applying Generative AI To Product Design With BigQuery DataFrames
    • September 21, 2023
  • 4
    Combining AI With A Trusted Data Approach On IBM Power To Fuel Business Outcomes
    • September 21, 2023
  • Microsoft and Adobe 5
    Microsoft And Adobe Partner To Deliver Cost Savings And Business Benefits
    • September 21, 2023
  • /
  • Artificial Intelligence
  • Explore
  • About
  • Contact Us

Input your search keywords and press Enter.