Generative AI in 2024 has carried on much like the previous year, with the technology maintaining its foothold in retail conversations. At NRF (National Retail Federation) 2024, generative AI emerged as the dominant theme, capturing the interest of retailers eager to exploit its innovative potential.
The contrast with NRF 2023, where generative AI barely registered following the release of ChatGPT in late 2022, was stark. ChatGPT's rapid adoption sparked a wave of transformation, prompting retailers to explore leveraging this technology.
NRF 2024 marked a shift from speculation to realisation as retailers gained insight into the practical applications of generative AI. Key themes emerged.
Velocity became paramount, with retailers recognising the need for agility to stay ahead in a fast-paced market. The urgency was palpable as retailers sought to understand how generative AI could accelerate innovation and boost productivity.
Value generation took centre stage, with retailers gaining clarity on use cases and timelines. The potential for generative AI to drive value creation became apparent, fueling optimism for a decade of disruption.
Experimentation became the norm as retailers embraced pilot programs to test generative AI in demand forecasting and category management. Those who moved decisively stood to gain a competitive edge.
Supply chain optimisation emerged as a key focus, with retailers exploring new ways to address demand forecasting and replenishment challenges. Generative AI offered the promise of greater accuracy and resilience in managing disruptions.
Category management saw a transformation, with generative AI providing insights to optimise assortment and space decisions. Retailers leveraged this technology to make faster, more informed choices.
Shopper insights became more accessible as generative AI revolutionised the extraction of actionable data from growing volumes of shopper data.
In-store visibility improved as retailers used predictive AI and computer vision to enhance operations and ensure compliance with planograms, accurate inventory management, and pricing.
Trust in generative AI grew, fueled by the availability of large language models finely tuned with retail-specific knowledge. Retailers gained confidence in the accuracy and reliability of AI-powered applications.
Connectedness became a goal, as generative AI could integrate disparate data sources and unlock growth and efficiency across retail enterprises.
As NRF 2024 concluded, retailers left with renewed optimism and determination. Generative AI was poised to drive significant disruption and innovation, shaping the future of retail in profound ways.
