New Delhi, Feb 23 (IANS) At least 50 per cent of Asia-Pacific retailers will leverage GenAI-enabled content creation and delivery by 2027 for dynamic product content, boosting conversion rates, and cutting content management costs by 30 per cent.
According to an IDC report, generative AI is expected to drive efficiency, personalisation and business growth.
With AI-driven content creation becoming a strategic advantage, Asia-Pacific retailers are poised to set new benchmarks in digital engagement and operational efficiency.
The Asia-Pacific retail market is transforming significantly, driven by economic recovery, shifting consumer behaviours, and rapid digitalisation.
IDC’s ‘2024 Global Retail Survey’ data highlights growing retailer optimism, fueling technology investments to enhance employee experience, streamline operations, and improve data utilisation.
These efforts aim to improve agility and resilience, enabling organisations to navigate market changes and disruptions.
“AI and GenAI are transforming the retail industry, reshaping customer engagement, operations, and supply chains. IDC highlights other AI-driven predictions set to redefine the retail landscape, offering unprecedented opportunities for personalisation, efficiency, and growth,” said the report.
By 2026, 90 per cent of retail tools will embed AI algorithms. Over 30 per cent of these algorithms will use standalone AI or modular, agnostic AI models that can be swapped out for suitable retail-specific models.
By the same time-frame, 40 per cent of retailers will have reduced workforce costs by 2 per cent with embedded GenAI in fundamental business processes and tasks across business operations at corporate and in stores.
As Asia/Pacific retail continues to evolve, the integration of AI is set to reshape the industry significantly. GenAI is unlocking new opportunities by automating content generation, reducing operational costs, and delivering more relevant product information across digital and physical channels.
The report also revealed that retail tools across the region will increasingly embed AI algorithms, with one-third of these utilising standalone or modular, agnostic AI models.
“As we navigate the digital transformation of retail in Asia/Pacific, it is clear that AI will be at the forefront of this evolution,” said Vijay Sarathi Gollapalli, research manager, Retail Technology Strategies Research Programme, IDC Asia/Pacific.
—IANS
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