Retail giant Walmart is known for pushing boundaries, and their latest focus is on AI! A recent Chain Store Age article dives into four key AI trends Walmart predicts will dominate the retail landscape by 2025. While the article focuses on the US market, these trends are likely to have a significant impact on European retail as well.
Here's what Walmart sees on the horizon:
- Wallaby: The Retail-Specific LLM: This large language model (think super-powered chatbot) is trained on mountains of Walmart data, allowing it to understand customer needs, personalize experiences, and optimize operations.
- Content Decision Platform: AI will curate and personalize the content customers see online, ensuring they encounter the most relevant products and promotions.
- Generative AI for Product Recommendations: Forget static recommendation engines! AI will generate dynamic suggestions based on individual customer preferences and real-time trends.
- Immersive Commerce APIs: Imagine shopping virtually, trying on clothes in a digital avatar, or exploring product features in a 3D environment. This is the future of immersive commerce, powered by AI.
How will these trends impact European retail?
- Focus on Personalization: European retailers will likely embrace AI to personalize the shopping experience for a diverse customer base.
- Enhanced Customer Service: AI chatbots and virtual assistants can provide 24/7 customer support across different languages, improving overall service levels.
- Data-Driven Decision Making: Leveraging AI for data analysis will empower European retailers to optimize inventory management, pricing strategies, and marketing campaigns.
- Rise of Immersive Shopping: Expect to see more European retailers experimenting with virtual reality and augmented reality experiences powered by AI.
While the US often sets retail trends, Europe has its own unique landscape. European retailers will likely adopt these AI trends while adapting them to their specific markets and regulations.