AI or Artificial Intelligence is playing an increasingly important role in the retail industry, helping retailers to improve their operations, enhance the customer experience, and increase sales.
Recently, I was a panelist alongside Krystal Barker Buissereth, Managing Director, Head of Financial Wellness Morgan Stanley and Sarah Norman, Vertical Manager, Enterprise TikTok. I got to be part of the in-person “@Penn” conference organized by “Women in Data Science” where I had the opportunity to share my thoughts regarding how AI has impacted the retail industry and how it will continue to do so in the future.
Our moderator, Mary Purk, Managing Director, AI and Analytics Research Center, The Wharton School asked us the following question: How is data science or AI or business intelligence impacting your industry today and within the next 24 months?
Part of my response was:
In the retail world, AI is very important. I am very excited about the application of AI. I am very excited about putting own datasets against AI and how that can effect your CRM, your loyalty and even your customer service.
Also, I have been advising some companies and startups. There is a small one called Addition+. They take a brands own dataset and use AI to break it down. For example, AI was used to figure out why people stopped watching the Walking Dead. They took a bunch of social commentary, used AI to break it down and put it into pie charts. They found that the number one answer for why people stopped watching it was that it got boring. They were able to find the nuances; what was relevant, superfluous and what was not. It allowed them to adjust their messaging to their customer and to the show itself, in terms of the production and the content they are building.
We are just in the beginning of AI. There is so much opportunity in the space of AI.
Julie Roehm is the Chief Marketing Officer and Chief Experience Officer at Party City. She is an innovative customer-centric marketer known for strategizing profitable corporate turnarounds with fast revenue growth via capturing stories that resonate with clients. She was named “Marketer of Year” by BrandWeek, Brand Innovators ‘Top 50 Women in Brand Marketing, the Tri-State Diversity Council’s “Most Powerful and Influential Woman”, an Automotive News “Marketing All-Star” and one of Working Mother’s “Top 25 Women”. She’s on the forefront of new marketing ideas, and being result-oriented, she uses her vast marketing experience in all facets of business strategy and marketing execution to help deliver the message of the brand.
