TS2 Covers NACDS Total Store Expo Panel Discussion on Generative AI in Retail and Healthcare, Features Lori Schafer

An article written by TS2’s Natalia Toczkowska. Find the original article here.

During a session at the NACDS Total Store Expo in San Diego, a panel of experts discussed the potential of artificial intelligence (AI) to transform the healthcare, retail, and wellness industries. They emphasized the practical and impractical applications of AI and how businesses can determine the value and cost-effectiveness of these services.

Deborah Weinswag, CEO of Coresight Research, highlighted the influx of AI startups and how utilizing AI and generative AI can address challenges in organized retail crime, retail media networks, and demand forecasting. Personal tasks such as creating a LinkedIn caption can be automated by AI, while larger retail challenges can benefit from predictive models and pattern recognition.

Lori Schafer, CEO of Digital Wave Technology, described generative AI as a subset of AI that can identify patterns and create new text, video, images, and poetry. She emphasized the potential for businesses to revolutionize their operations and improve customer experiences by leveraging AI.

Schafer also stressed the importance of starting small and simple when adopting AI technologies. Whether it’s managing B2C or B2B websites or using AI for storytelling and copywriting, integrating AI can enhance business efficiencies and reduce wasteful practices.

The panelists discussed various use cases for generative AI, including character constraint, native multimedia language, and brand storytelling. They emphasized the need for human intervention in using generative AI for these tasks. However, even small changes and improvements aided by AI can have an instantaneous impact.

They advised retailers and healthcare brands to utilize AI internally and externally. Internal AI allows businesses to focus on serving clients and building data models, while external AI enhances brand quality. Starting with specific cases and building data models based on sensor data and telemetry can lead to improved adoption of AI technologies.

AI-driven processes can greatly improve marketing tasks and data analysis. By collecting customer attributes and running multiple campaigns simultaneously, businesses can gain valuable insights and achieve higher conversion rates.

In conclusion, the panelists stressed that businesses should embrace AI as a co-pilot rather than fearing it. AI has the potential to transform industries and create new opportunities. By partnering with experts, companies can identify use cases and leverage the power of AI to drive growth and efficiency.

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