Connectly.ai, an AI service company aiding retailers in selling on messaging platforms, secured $20M in Series B funding led by Alibaba. The funds will expand its platform and increase San Francisco staff to 80 by year-end. Founded by Stefanos Loukakos, the platform integrates services like WhatsApp and SMS for personalized customer engagement, aiming for 100% revenue growth in 2024.....

US retail giant Target Corporation recently announced the launch of a groundbreaking generative AI tool called 'Store Companion' in nearly 2000 stores across the country. This AI chatbot aims to improve operational efficiency, enhance the shopping experience, and serve as a multi-faceted assistant for Target's over 400,000 employees.

Over 40% of retailers believe that the talent gap is a major barrier to adopting AI. Investing in talent and training can reduce AI integration obstacles. Retailers need to collaborate with universities to establish AI research centers. Integrating generative AI requires investments in high-performance computing and algorithm research.

Japan's 7-11 will begin utilizing generative AI technology in spring 2024 to generate text and image descriptions of new products based on store sales data and consumer feedback from social media. The company estimates this will reduce product planning time by up to 90%, making product distribution more aligned with emerging trends and customer demands. The system will integrate generative AI technologies from companies such as OpenAI, Google, and Stability AI to process data from customers, manufacturers, and social media. 7-11 expects AI to generate proposal drafts for new products, simplifying the current process.

Recent survey results show that 91% of retailers in the ANZ region are investing in generative artificial intelligence to adapt to the changing needs of shoppers. Millennials show a strong interest in generative AI for shopping, with 52% of millennial consumers expressing a desire to use this technology when seeking gift inspiration. The influence of social media in retail is growing significantly, with digital channels becoming a crucial way to meet the increasing demand. The lines between physical stores and the digital world are becoming increasingly blurred, and loyalty programs are continuously improving as retailers strive to enhance shopper loyalty and market share.

{1: Nearly one-sixth of retailers plan to adopt technologies like artificial intelligence in the coming year to enhance the shopping experience. 2: Retailers believe that artificial intelligence can complement and enhance the workforce rather than replace employees. 3: Budget constraints and difficulty in proving business value are obstacles to adopting artificial intelligence.}