Shoptalk or AI-talk? Vegas was a-buzz with everything retail-focused this week . . . and the biggest focus of retailers seemed to be artificial intelligence.
With that in mind, it was a busy few days at the conference for the Lily AI team, who met with retailers, gave talks, and showed off the latest capabilities and integrations of our retail AI solution. From our CEO & Co-Founder’s speech to our totally decked-out booth, here’s a look at some key takeaways from Shoptalk 2024.
Personalization is the Way of the Future
The AI use case retailers were perhaps most excited to explore was personalization. This excitement comes in response to consumers who are demanding to be seen and heard through personalized retail experiences.
In fact, 82% of consumers surveyed in the 2024 Edelman Trust Barometer Global Report say that they need businesses to hear their concerns and listen to their questions. This demand is very personal, and it comes just second to product affordability, which is consumers’ top priority.
Artificial intelligence makes this easier than ever for retailers to accomplish, if they select the right AI solution to partner with. In fact, that’s exactly what Lily AI Co-Founder and CEO Purva Gupta spoke about in her onstage session titled “AI, Data and Personalization Solutions: A Conversation.” Gupta was joined by leaders at Evolv AI, DEFINED.AI, and M13 to discuss how their solutions make this possible.
Because Lily AI injects customer-centric language—aka the language people actually use when shopping—throughout retail ecosystems, it understands consumer preferences and delivers more personalized experiences to shoppers. The accuracy of Lily’s retail AI is incredible at delivering personalized retail experiences, thanks to the depth, cleanliness, and specificity of the data its models are trained on. This means that retailers who harness Lily AI can deliver their customers personalized experiences at every step of the buyer’s journey—from initial search, to product recommendations, to connecting with AI-generated, yet people-focused product titles and descriptions.
AI Helps Retailers Stay Up-to-Date in a Fast-Paced World
On the retailer side of the Lily AI experience, brands who use the solution are always up-to-date on the latest trends, fads, and consumer interests, as they’re injected throughout their product listings and retail systems. This is because Lily AI is maintained and updated by retail experts who predict the hottest of-the-moment trends across fashion, home, and beauty. This is especially helpful at a time when trend cycles are faster (and shorter) than ever.
To illustrate this concept in real life, the Lily AI team brought their fashion senses forward to the Shoptalk floor. In fact, they let AI guide their wardrobe choices!
Our teammates who attended Shoptalk chose to dress in both macro- and micro-trends that are very hot this Spring. From the newly-classic Quiet Luxury, to bold Barbiecore pink, to the very new Eclectic Grandpa trend, Lily AI staff sported their trendiest wardrobe items to showcase just how of-the-moment our algorithms are, when it comes to understanding consumer preferences and tastes.
Valuable Lessons from Retail AI-Focused Sessions
As with any conference, there were valuable insights to be taken away from its sessions. Along with focuses on personalization and trend forecasting, speakers discussed how critical it is for retailers to foster omnichannel shopping experiences.
At their session titled “Finding and Reaching Customers in a Fragmented Media Landscape,” leaders from Meta, American Eagle Outfitters, and Coach stressed the importance of building excellent experiences online and IRL. They stressed that while Gen Z consumers are online, getting inspired to look for specific items and trends via social media, they still visit stores to look at items before purchasing.
This trend has been gaining traction over the last few years. In fact, it echos research we stated in our 2024 Retail Roadmap report, which discusses how to design customer-focused experiences in a world where:
- 81% of consumers shop online at least once a month, and . . .
- 61% of consumers say they prefer in-store shopping.
Reliable data is the key to understand exactly what consumers want, both in-store and online. When looking at AI solutions to partner with, retailers need to select a vertical AI that’s specific to their own industry, rather than a horizontal AI that will provide more generic, less helpful results. This is where Lily AI’s data stands apart, which Shoptalk attendees witnessed, as its dataset it massive and geared toward home, beauty, and fashion retailers.
With so much retail AI excitement in the air, we can’t wait to travel to Barcelona for Shoptalk Europe! If you’re a retailer who plans to be there, schedule time to meet with us!
