From Margins to Market Share: AI's Transformative Role in Retail

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 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.  

Lori Schafer

Chief Executive Officer
Digital Wave Technology

AI: Retail's Game Changer