Artificial intelligence clearly has the power to change a variety of businesses, including retail. But for those who might be expecting a worst-case scenario, i.e., the machines take over, the reality is almost certain to be far different, NRF blogger/contributor Geoff Williams writes.
“People have all these preconceived notions of what AI is like, and it’s going to be nothing like what people think. Artificial intelligence programs are assisting and making people’s lives better,” Ananda “Andy” Chakravarty, vice president of research at IDC Retail Insights, told Williams.
Chakravarty concedes that nobody can predict what artificial intelligence might be like in, say, 20 years. But for now, “it’s not ready for independent usage yet. We don’t see very many AI technologies that don’t have humans involved. You have to have that oversight and ‘human in the loop,’ if you will.”
That said, here’s where AI seems most likely to help revolutionize retail, Williams says:
- Targeting customers;
- More efficient business operations;
- Optimized pricing, forecasting and marketing.
Click here for details on how Williams says AI will impact those areas.
Ready to Relocate? Wilkerson Makes Your Move Seamless
When Brockhaus Jewelry decided to leave their longtime West Main Street storefront for a standalone building elsewhere in Norman, Oklahoma, owners John Brockhaus and Brad Shipman faced a familiar challenge: how to efficiently reduce inventory before the big move. Their solution? Partnering with liquidation specialists Wilkerson for a second time.
"We'd already experienced Wilkerson's professionalism during a previous sale," Shipman recalls. "But their approach to our relocation event truly impressed us. They strategically prioritized our existing pieces while tactfully introducing complementary merchandise as inventory levels decreased." The carefully orchestrated sale didn't just meet targets—it shattered them.
Asked if they'd endorse Wilkerson to industry colleagues planning similar transitions—whether relocating, retiring, or refreshing their space—both partners were emphatic in their approval. "The entire process was remarkably straightforward," Shipman notes. "Wilkerson delivered a well-structured program, paired us with a knowledgeable advisor, and managed every detail flawlessly from concept to completion."
