The National Retail Federation’s Big Show 2017 has come and gone. But the discussions on how emerging technology is changing retail and other industries will certainly continue.
Speakers at The Big Show addressed tech topics that are impacting retail, among them the advanced use of data to drive customer experience, artificial intelligence, virtual reality and robots.
Data and technology: Boosting customer experience
Keynote speaker Intel CEO Brian Krzanich discussed how data and technology can deliver a boost to the customer experience. “We believe data has become one of the most important forces in all technology,” Krzanich said, calling it the “new oil,” with the ability to bring profound changes to the industry, according to NRF’s STORES Convention Daily report.
“You’d be amazed at what can be predicted,” Krzanich said in the article. “The question is, how big is the data set, and how accurate do you want it to be?”
And then there’s Artificial Intelligence. AI can help streamline and personalize the customer experience for retailer websites, asking customers questions and narrowing the field of relevant products for them, according to Sentient CMO Jonathan Epstein. He was a panelist in a discussion of technologies changing retailers’ and consumers’ lives, STORES reported.
E-commerce websites that don’t use AI technology run about a 3 percent conversion rate, Epstein said, adding, however, that those that do have a 40 percent conversion rate and 16 percent increase in basket size.