Generative AI refers to an artificial intelligence technology that can generate new content, such as images, videos, text, and music, that are similar in style, structure, and patterns as the examples it has been trained on. In retail, Generative AI is used in a variety of applications, including content creation, virtual assistants, chatbots, creative writing, gaming, and art.
In our Radical Retail Report, we talk about how the development of generative AI is only in the first inning, and still, it can already provide substantial value. Many agree that we are in for an exponential ride that most certainly will take us places we cannot yet imagine.
In retail, generative AI has the potential to provide value or transform several areas. For example: