PONTE VEDRA, FL, USA, April 12, 2024 — Digital Wave Technology announces the inclusion of its CEO Lori Schafer in RetailToday’s Q1 2024 Executive Roundtable. This edition’s focus, “Redefining Retail: How AI is Shaping Tomorrow’s Shopping Experience,” brings together top industry leaders to discuss the transformative impact of artificial intelligence on retail.
Ms. Schafer joins a select group of executives who are at the forefront of integrating AI technology into retail strategies, enhancing everything from customer engagement to operational efficiencies. Her insights provide a clear vision of how AI is not just an enhancement, but a necessity in shaping the future of the retail industry.
Excerpt from Ms. Schafer’s Discussion in RetailToday’s Roundtable: “Retailers leveraging Digital Wave Technology native AI enterprise solutions have witnessed a significant boost in their bottom lines through various high-impact use cases and strategies.
Take, for instance, a hardlines retailer that integrated AI-driven price optimization strategies, directly influencing profitability with a 3.4% improvement in gross margin and an impressive 22.5% enhancement in EBITDA.
Additionally, a global retailer adopted Product Experience Management (PXM) solutions, leading to a 93% increase in speed to market, along with improved product attribution and search listings. This translated into reduced return rates and enhanced customer satisfaction, driving revenue growth.
Moreover, a national retailer successfully expanded its drop ship assortment by 50% within 120 days through AI-driven PXM. This expansion, coupled with a 25% increase in conversion rates and a corresponding 25% reduction in cart abandonment, underscores the transformative power of AI in streamlining operations and improving customer experiences.
Furthermore, a North American retailer achieved remarkable efficiency gains through AI adoption. With a 92%+ increase in the process of onboarding products and significant improvements in data quality and automated copywriting, they experienced tangible benefits such as a 35% increase in conversion rates and substantial cost and time savings.
Lastly, a grocery retailer with minimal product attribution leveraged AI to elevate its brand perception, improve search, increase conversion rates, and expand digital channel revenue. Within just 90 days, they witnessed a 12% increase in online conversion rates, improved product content & accuracy with 90%+ additional product details, optimized team efficiency by 97%, heightened organic traffic, and customer satisfaction scores soared.
These examples illustrate how retailers across various sectors are leveraging both generative AI and traditional predictive AI to optimize pricing, streamline operations, enhance marketing effectiveness, and elevate customer experiences, ultimately driving substantial improvements in their bottom lines.”
Ms. Schafer elaborates on the critical role AI plays in optimizing retail operations, improving profit margins, and expanding market share. This feature in RetailToday underscores Ms. Schafer’s role as a thought leader in the AI space and reaffirms Digital Wave Technology’s commitment to revolutionizing retail experiences for businesses and consumers alike.
For more insights from Lori Schafer and to read the full discussion, click on the link to the Executive Roundtable feature: https://magazine.retail-today.com/executive_roundtable_q1_2024/digital_wave_technology
About Digital Wave Technology
Digital Wave Technology provides turnkey and extensible Enterprise AI applications that meet the business-critical needs of global corporations in consumer industries including retail, consumer goods, and healthcare. The company’s single integrated analytical platform offers packaged and extensible applications, as well as the flexibility for rapid development of new solutions, giving customers a competitive edge. Its strategy hinges on relentless innovation and a commitment to delivering unparalleled value through business-use-case-driven technology with impeccable customer service. Digital Wave Technology laid its foundation in Enterprise Product Information and Master Data Management which now serves as the common data model underpinning an ever-growing list of relevant solutions, including Product Experience Management, Category Management, Price & Promotion Optimization, and Maestro AI for Content and Marketing. Learn more at https://www.digitalwavetechnology.com/.