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Welcome back to this week’s essential AI reads for retailers and happy Tuesday! Thanks for your continued readership 🙂 Heads up, today’s newsletter is a long one!

Inside This Week’s Issue

• AI Affecting Retail Careers

• Someone is watching you

• Zombie Pharmacies

AI Affecting Retail Careers

In today's rapidly evolving retail landscape, staying ahead of the curve is more crucial than ever. One of the most significant developments shaping our industry is Artificial Intelligence (AI) (which is why you are reading this newsletter!). This week, let’s dive a little deeper into why educating yourself about AI is beneficial and essential for your retail career.

Where is AI showing up in Retail?

AI is transforming various aspects of retail, including (but not limited to):

1. Customer Service: Chatbots and virtual assistants are enhancing customer interactions.

2. Inventory Management: AI-driven systems optimize stock levels and predict demand.

3. Personalization: AI algorithms tailor product recommendations to individual customers.

4. Supply Chain Optimization: AI improves logistics and reduces costs.

5. Price Optimization: Dynamic pricing strategies are powered by AI.

Why You Should Care

1. Job Security: As AI becomes more prevalent in retail, employers will increasingly seek out staff who can work alongside and manage AI systems. Your AI knowledge could become a key differentiator in a competitive job market.

2. Career Advancement: With AI expertise, you could transition into exciting new positions such as AI implementation manager, data analyst, or customer experience strategist. Your insights into AI could also make you a strong candidate for leadership roles as companies seek to navigate AI.

3. Improved Performance: Leveraging AI tools can enhance your day-to-day efficiency. By understanding how to use AI-powered tools effectively, you can automate routine tasks, make more informed decisions, and focus on high-value activities that require human creativity and emotional intelligence.

4. Innovation: When you understand AI's capabilities and limitations, you can identify new ways to apply this technology to solve problems or create new opportunities in your retail environment. This could lead to process improvements, new product ideas, or innovative customer service approaches.

5. Customer Satisfaction: AI-driven insights can help you better serve your customers. By leveraging AI-generated customer data and predictive analytics, you can anticipate customer needs, personalize interactions, and resolve issues more quickly. This not only improves customer satisfaction but can also increase sales and foster long-term customer loyalty.

How to Get Started on Your AI Education

1. Online Courses: Platforms like Growth School, or our very own AI Incubator.

2. Industry Webinars: Attend retail-specific AI webinars to learn about practical applications. Join our next webinar with Hawke Media in September! Sign up for our events page to be the first to find out.

3. Stay Informed: Follow retail technology news and blogs. P.S. We always have an AI in retail news recap at the end of our newsletters.

4. Hands-On Experience: Familiarize yourself with AI tools used in your workplace. Email [email protected] for a free trial.

5. Collaborate: Share knowledge and learn from tech-savvy colleagues. You’d be surprised at how many people are currently using AI in unique ways.

Remember, the goal isn't to become an AI expert overnight. Start small, stay curious, and gradually build your knowledge. Your future self will thank you for embracing this game-changing technology.

Some important stats around the AI in the workforce:

• Another study conducted in 2023 found that only 1 in 10 workers had been offered any AI-specific training, despite a 2,000% growth in job postings requiring AI skills

• 64% of HR leaders surveyed by TalentLMS in 2023 said the rise of generative AI has changed the key in-demand skills needed in their organizations.

• 82% of respondents in Deloitte's 2022 State of AI in the Enterprise Report expect AI to enhance job satisfaction by reallocating workers from repetitive tasks to more creative activities.

• AI drives the demand for new skills and roles within the workforce, offering opportunities to upskill, reskill, and fill emerging positions that command higher wages and require advanced competencies. This is crucial as the World Economic Forum estimates that AI-powered automation could create 97 million new jobs by 2025.

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This Week’s Retail AI News

• ThreadUp is implementing an entire suite of AI tools. Thrifting has never been so easy.

• Global Sourcing Expo, spotlighted Generative AI use cases in the retail space.

• AI that helps retailers determine which styles are worth investing in.

• Feels like someone is watching me. New cameras are to be installed in retail stores to help analyze human behavior.

Just for fun:

The Zombie Pharmacies That Are Holding Back New York City Retail

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