In an increasingly digital and dynamic global economy, consumer goods and retail companies must invest now to “catch the wave” of a transformative tide: Generative AI. According to the latest “What CEOs talked about” report from IoT Analytics1, Generative AI, along with bank troubles and reshoring, dominated discussions in earnings calls in Q2/2023, while economic uncertainty remained the major underlying concern.
Generative AI: The Wave of the Future
Generative AI applications surged as a topic of interest in Q2/2023, witnessing a staggering increase of 129% in mentions in the last quarter. As the article notes, “the release of ChatGPT by OpenAI in November 2022 ignited an unprecedented discussion about the use cases of generative AI in boardrooms.”
Tech companies like eBay and Booking Holdings have dived headfirst into the wave, using generative AI to enhance their services. Meanwhile, consumer goods and retail companies, previously watching the tide from the shore, are starting to dip their toes into the AI waters.
Several industry behemoths have launched generative AI initiatives to maintain their competitive edge. For instance, 1-800-flowers.com introduced an AI-powered poetry tool, MomVerse, for Mother’s Day, and eBay is exploring applications of generative AI across their marketplace for enhanced customer experiences.
These companies represent a growing trend of riding the generative AI wave, demonstrating the enormous potential that AI technology holds for the consumer goods and retail sector.
As we paddle further into the GenAI wave, we must not lose sight of the need to approach this technology ethically. Moreover, understanding the security requirements associated with GenAI will ensure that our ride is smooth and free of any wipeouts.
Waves of Change: Other Rising and Falling Themes
The shifting tides of Q2/2023 saw other topics recede and emerge in CEO discussions. Bank troubles and reshoring discussions swelled by 36% and 30% respectively, as companies grappled with fallout from banking issues and sought to bolster supply chain resilience by bringing production closer to home.
Conversely, the ebbing waves of sustainability and climate change discussions reflected a 17% decline, indicating a shift in focus. Similarly, as supply chains normalized, discussions around these disruptions decreased by 54% in Q2/2023.
The Digital Wave Technology Connection
A key player helping companies to “surf the wave” of Generative AI is Digital Wave Technology. With its suite of GenAI solutions, Digital Wave Technology is making waves in the fields of marketing, digital commerce, and advertising. In a dynamic “test and learn” environment, they are partnering with Fortune 100 companies in the consumer goods and retail space.
The goal? To harness the power of Generative AI to drive efficiency and sales gains. These pilot projects signal a sea change in the industry, marking the starting point of an exciting journey into the uncharted waters of AI-led business transformation.
Conclusion
CEOs are increasingly recognizing the potential of Generative AI. The onus is now on consumer goods and retail companies to “ride the wave” or risk being left behind in the swell.
Digital Wave Technology, with its suite of GenAI solutions, is at the forefront of this transformative tide, guiding companies in navigating the currents of AI-led innovation. The future is unfolding, and the race is on to harness the power of Generative AI for a competitive edge in the consumer goods and retail sector.
For companies ready to surf the wave, the prospects are as vast and exhilarating as the ocean itself. These innovative applications of Generative AI in business herald a new era where the use of AI technology is not merely an option—it is an imperative to stay ahead in the race.
This Q2/2023 analysis has cast a spotlight on the rapidly evolving priorities of CEOs. While it serves as an indicator of current trends, it also signals a call to action for businesses to adapt and innovate. The generative AI wave is here, and it is high time for companies to ride it.
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1Reference: “What CEOs talked about in Q2/2023: Generative AI applications, bank troubles, uncertain economy”, IoT Analytics, 2023*
About the author: Lori Schafer is CEO of Digital Wave Technology and an entrepreneur with over 30 years of experience in marketing and merchandising technology for consumer brands and retailers. Digital Wave Technology assists brands and retailers in accelerating omnichannel growth and direct-to-consumer digital sales, marketing, and merchandising. Its AI-powered omni-experience platform unifies the entire product journey, resulting in improved conversions, efficiencies, speed-to-market, and a more compelling customer experience. Learn more at https://www.digitalwavetechnology.com.