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Drupal\Core\Theme\ThemeManager->render('html', Array) (Line: 433)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array) (Line: 162)
Drupal\Core\Render\MainContent\HtmlRenderer->Drupal\Core\Render\MainContent\{closure}() (Line: 580)
Drupal\Core\Render\Renderer->executeInRenderContext(Object, Object) (Line: 163)
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Drupal\Core\Theme\ThemeManager->render('html', Array) (Line: 433)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array) (Line: 162)
Drupal\Core\Render\MainContent\HtmlRenderer->Drupal\Core\Render\MainContent\{closure}() (Line: 580)
Drupal\Core\Render\Renderer->executeInRenderContext(Object, Object) (Line: 163)
Drupal\Core\Render\MainContent\HtmlRenderer->renderResponse(Array, Object, Object) (Line: 90)
Drupal\Core\EventSubscriber\MainContentViewSubscriber->onViewRenderArray(Object, 'kernel.view', Object)
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Symfony\Component\HttpKernel\HttpKernel->handle(Object, 1, 1) (Line: 58)
Drupal\Core\StackMiddleware\Session->handle(Object, 1, 1) (Line: 48)
Drupal\Core\StackMiddleware\KernelPreHandle->handle(Object, 1, 1) (Line: 191)
Drupal\page_cache\StackMiddleware\PageCache->fetch(Object, 1, 1) (Line: 128)
Drupal\page_cache\StackMiddleware\PageCache->lookup(Object, 1, 1) (Line: 82)
Drupal\page_cache\StackMiddleware\PageCache->handle(Object, 1, 1) (Line: 50)
Drupal\ban\BanMiddleware->handle(Object, 1, 1) (Line: 48)
Drupal\Core\StackMiddleware\ReverseProxyMiddleware->handle(Object, 1, 1) (Line: 51)
Drupal\Core\StackMiddleware\NegotiationMiddleware->handle(Object, 1, 1) (Line: 23)
Stack\StackedHttpKernel->handle(Object, 1, 1) (Line: 718)
Drupal\Core\DrupalKernel->handle(Object) (Line: 19)

GenAI in Retail: Transforming Customer Experiences and Operations

Generative AI

August 2024

The Rise of GenAI in Retail

The retail industry is undergoing a seismic shift, driven by the innovations of Generative AI (GenAI). This cutting-edge technology is revolutionizing how retailers interact with customers, optimize operations, and drive loyalty. Let’s explore how GenAI applications are reshaping the retail landscape.

Personalization: The Key to Customer Satisfaction

In the quest for consumer loyalty and increased sales, delivering personalized experiences is crucial. Generative AI enables retailers to offer highly targeted content, recommendations, and promotions tailored to individual customers. Here’s how GenAI is making a difference:

Inventory Optimization:
Generative AI predicts product demand by analyzing trends, seasonality, and historical sales data. Retailers can maintain optimal inventory levels, reducing stockouts and overstock situations.

Merchandising and Product Onboarding:
GenAI generates marketing materials, including graphics, sounds, and 3D models. It also automates the creation of product attributes, descriptions, and cataloging for e-commerce based on product photos.

Service Chatbots and Conversational AI:
AI-powered chatbots provide virtual support, order status updates, and product recommendations. Multilingual voice, text, video, and image responses enhance customer interactions, making service more accessible and efficient.

Personalized Omnichannel Experience:
Generative AI analyzes consumer preferences and behavior to offer customized product recommendations. Curated ideas improve the shopping journey, increasing the likelihood of conversions and customer satisfaction.

The Demand for GenAI Professionals

According to a recent NVIDIA survey, 98% of retailers plan to invest in Generative AI over the next 18 months, making retail one of the fastest adopters of this technology. The potential market size for GenAI is estimated to be $400–660 billion. But who will drive this transformation?

Machine Learning and Python Skills: About 42% of GenAI jobs in India specifically mention “machine learning,” while 40% emphasize Python as essential skills for AI roles. Companies like IBM, Coforge, L&T Technology Services, and Happiest Minds actively seek professionals skilled in machine learning, data science, and cloud engineering.

FutureSkills Prime: Nurturing GenAI Talent

FutureSkills Prime, a digital skilling initiative by nasscom and MeitY, offers specialized courses and pathways in Generative AI. These programs are exclusively curated by industry subject matter experts, ensuring learners acquire in-demand skills valued by employers. Whether you’re an aspiring data scientist or a seasoned professional, FutureSkills Prime provides transformative learning experiences, including comprehensive GenAI courses that equip you for the future of retail.

Generative AI is the catalyst for the evolution of retail. As you explore this dynamic field, consider FutureSkills Prime as your gateway to mastering GenAI and shaping the future of retail!

References :

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GenAI in Retail: Transforming Customer Experiences and Operations