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Thursday, May 17, 2018

Coresight and Retail Robotics and AI Conference

Via Pratt Retail Institute

The Coresight Research team recently attended the Retail Robotics & AI Conference on April 26 in San Francisco. Here are our top takeaways from the event:

As consumers increasingly rely on technology when they shop, the retail industry is nearing a state of “retail singularity” in which bots, natural language voice interfaces and broadly integrated data react to and predict the what, when and why of shopper preferences and behavior.

Store-based retailers need to integrate the best of the online and offline shopping experiences in order to create synergies that help unlock new potential, said Jeff Donaldson, CEO of Intriosity and former SVP of GameStop.

Consumers are increasingly opting to engage in experiences that create the illusion of participating versus spectating. The rise of Amazon has coincided with this cultural shift.

Coresight Research CEO and Founder Deborah Weinswig commented that China is a leader in artificial intelligence (AI) and robotics in the New Retail environment, where the integration of online and offline retail, logistics and data across a single value chain is essential. AI and automation are the keys to making everything work, she noted.

Mark Mathews, of the National Retail Federation (NRF), said that the retail technologies that are resonating most with consumers are those that enable them to buy online and pick up in-store, navigate in-store and pay by mobile device.

The Coresight Research team attended the inaugural Retail Robotics & AI Conference in San Francisco on April 26. The conference was hosted by the Retail Analytics Council (RAC), an initiative between Northwestern University and the Platt Retail Institute that focuses on studying consumer shopping behavior across retail platforms and the impact of technology on retail.

At the event, discussion topics included emerging retail robotics applications, building a 360-degree view of the consumer, the use of AI in retail, advanced analytics and industry trends. Attendees ranged from C-level executives to academics to retail and technology industry leaders. .... " 

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