Digital Wave Technology, provider of the Digital Wave ONE Platform that unites the entire omnichannel product journey, today released a new report with Coresight Research, a research and advisory firm specializing in retail and technology, titled “Revolutionize Your Product Launch Strategy: Leveraging Generative AI Applications for Enhanced Speed and Profitability.”
According to the report, the generative AI market skyrocketed to $5.7 billion in 2023, based on global service providers’ estimated revenues. This momentum is expected to continue at a 90.3% compound annual growth rate (CAGR) to total $74.8 billion in 2027. Looking at the potential productivity gains from generative AI driven acceleration, one multibillion-dollar-revenue North American retailer with more than 2,000 stores drove an efficiency increase of greater than 90% in the process of onboarding products to the digital store using generative AI, according to Digital Wave Technology.
As brands and retailers integrate generative AI into their product launch journeys, the report recommends they explore the technology’s wide breadth of applications. These capabilities include enhancing product design, automating product descriptions and imagery, improving product attributes and search, and accelerating advertising ideation and execution.
“By combining human-language input with a brand’s design library, customer reviews, and branded content, generative AI greatly reduces the time creative and marketing teams spend developing product copy and advertisements,” said Deborah Weinswig, CEO and founder, Coresight Research. “This report created in partnership with Digital Wave Technology highlights the latest developments in generative AI, as well as best practices for successfully implementing the technology to help brands and retailers make the most of this quick-moving target.”
The report also showcases the implications of generative AI that will be integral for brands and retailers in the coming years, most notably security.
“Today, many businesses are using open large language models (LLMs) like ChatGPT or OpenAI for their generative AI needs, putting their confidential brand information at risk,” said Lori Schafer, CEO, Digital Wave Technology. “As an alternative, Digital Wave Technology offers a platform that is LLM agnostic and ‘daisy-chains’ best-in-class private and/or public LLMs together to optimize pivotal data science techniques. This strategy empowers brands and retailers to achieve key business results while maintaining safe AI ethics and ensuring confidential brand information is secure.”
In addition to enhanced security, the report details other key benefits of partnering with generative AI vendors, including:
- Creating a Competitive Advantage – By using generative AI to accelerate product development and product launches, brands and retailers can quickly respond to customer inquiries and market trends.
- Improving Profitability With Fewer Resources – Generative AI offers important cost-saving benefits and efficiencies that empower brands and retailers to pursue new revenue opportunities. Furthermore, it can significantly improve conversions and top line sales.
- Continuing Innovation at Scale – In time, generative AI will go far beyond drafting text and images from prompts. Retailers and brands must invest in solution providers who will continuously innovate their technologies and stay ahead of the curve.
For more such updates, follow us on Google News Martech News