Jill Standish discusses AI’s Transformative Potential in Retail

**The Intersection of AI and Retail: Paving the Way for Sustainable Business Practices**

Artificial intelligence (AI) has long ceased to be a newcomer in the sector of retail. As Jill Standish, the senior managing director and retail global lead at a renowned consultancy indicated during WWD’s virtual Sustainability Summit on May 8, retailers have been benefiting from AI applications for a while. The buzz around AI’s contributions to the generation of chatbots, images, and machine-created texts may look like a recent development, but the truth is data science and machine learning have been part of the brand toolkit for years. However, the industry is now witnessing a surge in smarter and more efficient AI tools that are reshaping how we approach retail.

AI’s influence in retail is multifaceted, and Standish simplified its application by categorizing it into three types: descriptive, predictive, and generative. Initially, AI helped retailers understand past business events, but its capabilities have since expanded to anticipate future occurrences and actions to take in response. The game-changer, however, lies in generative AI or GenAI. This advanced form of AI, powered by large language models (LLMs), does not just assess or predict but creates, generating new product descriptions, marketing materials, and even imaginative AI images generator capabilities that are setting the stage for transformative changes in retail operations and consumer experience.

In emphasizing the broader picture, Standish mentioned that due to major updates from tech giants, billions of consumers are now engaging with artificial intelligence generated images and texts. This has significant implications for brand strategies, especially around sustainability, as consumers are increasingly interested in the origins and ethical features of products. It means brands must reassess how they grant AI systems like LLMs access to their content.

Moving to the internal workings of brands, AI is redefining design and operational processes. While human creativity remains at the core, generative AI offers a complementary strength. For instance, by analyzing attributes of best-selling items, AI can assist in developing new products while predicting their success, thereby reducing the likelihood of waste and unsold stock.

Sustainability reporting also stands to gain enormously from AI advancements. Traditionally a tedious task, Standish pointed out its transformation through AI tools that emerge with the capability to swiftly compile reports by processing prompts. With the advent of innovative models, such as the ESG LLM mentioned by Standish, the process of creating sophisticated reports and tapping into crucial data becomes more efficient and insightful.

At the heart of sustainability lies a key concern: reducing waste and promoting ethical practices. AI’s role in this aspect is decisive, especially when it comes to the latest AI technology & ai tools in the retail industry. The power of AI video generators, to visually demonstrate product use and disposal, adds another layer to the customer’s understanding of sustainable practices.

Moreover, as retailers adopt these increasingly dynamic and intuitive AI systems, they open up avenues for significant time savings. For instance, what if the laborious hours spent on sustainability reports could be repurposed for enhancing performance management or sustainable workflows? Standish’s contemplation highlights the broad scope of AI’s potential, where the focus shifts from mundane tasks to strategic thinking and innovation in sustainability.

To sum up, AI’s advancements are providing a promising outlook for future retail—reimagining not only the way we shop but also how retailers operate and contribute to a more sustainable world. As retailers embrace AI technology, from AI text generators to predictive analytics, the hope for a leaner, greener, and more efficient retail ecosystem becomes increasingly plausible. Engaging with this latest AI news allows consumers and brands alike to stay informed and prepared for the sustainable revolution that AI is capable of driving in the retail space.