Generative AI and future of consumer experience and behavior in retail
Use Case
AI Application
2024-02-09 | 12:05 PM - 12:30 PM | Applications Stage
Information
- From increases to productivity to innovations in how we work and live, Generative AI (GenAI) has the potential to transform the world like other general-purpose technologies - the steam engine, electricity, the internet, mobile devices - have transformed our societies and economies.
- One industry where GenAI will and is already transforming value propositions and customer experiences is the retail industry. For example, the grocery and pharmacy retail space is undergoing important transformations as companies are using Large Language Models (LLMs) to address operational and customer experience pain points that were not solvable before.
- During this talk we will see how Albertsons, one of the US' largest grocery and pharmacy retail chains, is using GenAI to help people live healthier lives. We will discuss initial work around Large Behavioral Consumption Models (LBCMs), which are models trained on what people buy using a "language" of retail transactions, paralel to using english language used by LLMs.
- We propose that Generative AI will make the human task of eating more enjoyable by reducing current pain points such as time or budget constraints, nutritional imbalance, cognitive overload, lack of inspiration, etc. We extend these grocery applications to other consumption domains in retail.
