Generative AI technology is transforming the landscape of modern retailing just ask ChatGPT. In response to how bricks and mortar and online retailers can utilize such AI, the Artificial Intelligence took only two seconds to detail the information associated with McKinsey, BCG, Databricks and Forbes. ChatGPT noted that generative AI has become a game changer for both brick and mortar and online retailers.
Although it is not an extensive change yet, large Australian retailers are utilizing AI-powered algorithms to increase sales, understand customer buying patterns, optimize product offerings, and recommending products to customers. Generative AI has the potential to reduce costs and automate labor already utilized by retailers including coding, data entry, and summarizing reports.
Online retailers such as THE ICONIC are already taking note of the potential that generative AI brings. Andrew Turner, CTO, noted that generative AI could improve AI shopping assistants and user experience as they navigate through their purchase. New AI technology allows customers to easily compare prices faster, source cheaper versions of their favorite items, and cur
