Panel discussion on innovations and trends including AI and RFID — Retail Technology Innovation Hub

A.I.

Other more positive applications of AI technology in the retail industry identified by Rushton include demand planning, price optimization, and waste management.

AI’s ability to process vast pools of data, find useful patterns, and make recommendations in these areas could be extremely beneficial.

As the power of AI data research becomes increasingly apparent, end-uses for such analytics are actually proliferating in the retail industry in other areas as well. Inventory management and labeling are other prominent end uses.

Paul Sims, Chief Architect at Primark, said the issue of shrinkage was a problem for us and indeed a problem for everyone, adding that the Co-op chain of small grocers across the UK He noted that last year, the city lost $70 million to crime. .

He was most interested in AI applications in the following areas:

Product lifecycle management: AI machine learning can help with the design process and demand forecasting to ensure inventory is properly stocked.

Better personalization: Possible thanks to stronger analytics, breaking down silos, and more.

RFID

Simon Pakenham-Walsh, chief information officer at River Island, which has 240 stores across the UK, is looking forward to refocusing its efforts on its physical stores after a period of building out its digital platform and experience. There is. Of course, technology remains important in this area.

He says that in the future, RFID (Radio Frequency Identification) tags and readers will be able to better integrate in-store and digital experiences, for example.

Pakenham-Walsh added that the company has already implemented RFID into its stock with great success, pointing to key successes at River Island, including:

After implementing RFID, inventory availability increased from 78% to 90%.

Increased inventory monitoring reduced size difference inaccuracy from 8% to 1%.

Sales also increased by 3% due to constant inventory.

Technology integration

Whatever project the RTS 2024 panelists, or indeed any panelist, wants to pursue, it always needs to be integrated into the host company's operations and processes.

We don't just connect new widgets; we bring about change by aligning people, processes, and technology.

Inventory improvements impact sales, and so do data-driven customer experience enhancements. Everything is connected, Primark Sims said.

The “why” question was recommended by Nina Mimica, chief innovation officer at Studentac Market, as a good starting point for a proposed technology project. Before installing, ask yourself: She asked why I wanted it and for what purpose.

Wise advice for the hundreds of attendees packed into RTS 2024's Headline Theater. Technology is not an end in itself. It is a tool to get the desired result.

If you want your project to be successful, it's best to keep the outcome in mind.

Sources 1/ https://Google.com/ 2/ https://retailtechinnovationhub.com/home/2024/4/25/retail-technology-show-2024-panel-debates-innovation-and-trends-including-ai-and-rfid The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos