Supercharging retail: Where commerce meets lifestyle, powered by AI

Supercharging retail with AI: Blending commerce and lifestyle

Global events and changing consumer behaviors in the digital era are causing retailers to look toward the future with concern. These pressures are driving businesses to ask how they can increase sales without raising overhead and create year-round stability for sourcing, inventory, restocking, and order management. However, AI-enabled advances offer opportunities for operational efficiencies and hyper-personalized, real-time, omnichannel customer experiences. AI can help retailers deliver experiences that fit seamlessly into their customers’ everyday lifestyles.

There are several challenges that retailers can solve with the help of AI. Improving product discovery is crucial, as poor product catalog management can result in lower conversion rates and reduced sales. AI can streamline product catalog management by automating product tagging and generating personalized and compelling product descriptions. It can also help optimize inventory and sourcing management by tailoring sourcing strategies and automating order management processes.

In addition, AI can enhance omnichannel advertising and sales by providing targeted ad solutions that reach customers across different channels. Furthermore, AI can improve distribution and fulfillment efficiency by analyzing demand forecasts and optimizing order quantities. Lastly, AI can help retailers build customer loyalty by enabling recommerce, where consumers can buy secondhand products from brands and return used goods in exchange for incentives. AI can streamline the processing and pricing of used items, reducing costs and errors while increasing sales.

Overall, AI is set to level up the retail landscape by driving higher sales and better brand connections. Retailers that embrace AI will be able to deliver personalized experiences that resonate with their customers and align with their values and lifestyles. SAP offers AI-infused capabilities that can help retailers optimize their business processes, drive profitability, and boost customer loyalty. By embracing relevant, reliable, and responsible AI, retailers can confidently navigate the future of retail.