{"id":51920,"date":"2024-10-04T12:25:31","date_gmt":"2024-10-04T12:25:31","guid":{"rendered":"https:\/\/www.bloomreach.com\/?post_type=library&#038;p=51920"},"modified":"2024-10-04T12:25:33","modified_gmt":"2024-10-04T12:25:33","slug":"6-must-know-takeaways-from-the-edge-summit-2024","status":"publish","type":"library","link":"https:\/\/www.bloomreach.com\/en\/blog\/6-must-know-takeaways-from-the-edge-summit-2024","title":{"rendered":"6 Must-Know Takeaways From The Edge Summit 2024"},"content":{"rendered":"\n<p>Among ecommerce businesses, the urge to integrate AI across different aspects of their operations is stronger than ever. And it\u2019s clear why: AI has the power to transform the overall customer experience. Think <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/why-e-commerce-businesses-need-ai-recommendations\">personalized product recommendations<\/a> tailored to each shopper, smarter search capabilities that understand the context of conversational queries, and virtual shopping assistants that guide customers through every step of their journey.<\/p>\n\n\n\n<p>AI can also reshape internal operations. What once took hours can now be handled in minutes with AI. AI can help you automate routine tasks, turn customer feedback into actionable insights, and predict demand trends to keep stock levels optimized.<\/p>\n\n\n\n<p>Yet, despite its potential, many people are still unsure or <a href=\"https:\/\/today.yougov.com\/technology\/articles\/49099-americans-2024-poll-ai-top-feeling-caution\" target=\"_blank\" rel=\"noopener\">cautious<\/a> about implementing AI. That\u2019s why, at this year\u2019s <a href=\"https:\/\/theedgesummit.com\" target=\"_blank\" rel=\"noopener\">Edge Summit<\/a>, we brought together industry leaders from across the globe to explore how retailers can shape the future of AI in ecommerce.&nbsp;<\/p>\n\n\n\n<p>In case you missed the London and NYC events (or just want a quick refresher), here are our crucial takeaways from The Edge Summit 2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Use AI as an Accelerator, Not a Replacement<\/h2>\n\n\n\n<p>Sure, AI is a groundbreaking technology, but it\u2019s meant to serve as an accelerator rather than a substitute for human skills. Its core purpose is to enhance our abilities, not overshadow them.&nbsp;<\/p>\n\n\n\n<p>For example, setting up an omnichannel marketing campaign manually can take weeks of planning, coordinating, and fine-tuning (4-5 weeks on average, to be exact). However, with Bloomreach\u2019s <a href=\"https:\/\/www.bloomreach.com\/en\/products\/loomi\">Loomi AI<\/a>, you can set it up within a few hours.&nbsp;<\/p>\n\n\n\n<p>Simply provide the essential campaign details (audience, objectives, and messaging), and then Loomi AI will use that information to build an omnichannel marketing campaign for you.&nbsp;<\/p>\n\n\n\n<p>You still need to manually review and tweak it, but the heavy lifting is already done.&nbsp;<\/p>\n\n\n\n<p>Imagine how much time you\u2019ll be saving when you use AI to set up dozens of campaigns during a busy season like <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/black-friday-e-commerce-strategies\">Black Friday\/Cyber Monday<\/a>.<\/p>\n\n\n\n<p>In his keynote, Baratunde Thurston, a multi-platform and Emmy-nominated storyteller and producer, highlights that AI\u2019s real strength lies in supporting and enhancing your work rather than doing it for you. With current technology, AI is helpful as a research assistant, editor, or data analyst.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Double Check Your AI Writing Outputs\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/VjuhlWQqqVE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>He recalls the time when he used AI to write a column, and the AI provided a quote attributed to James Baldwin. When his editor asked for the source, he couldn&#8217;t find the quote anywhere on the internet, which highlights the most common issue with AI \u2014 sometimes it fabricates information or misattributes quotes (confidently).&nbsp;<\/p>\n\n\n\n<p>This experience taught him that while AI can speed up the writing process, it\u2019s important to double-check its outputs \u2014 highlighting how AI needs (and will continue to require) <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/psychological-safety-and-ai\">human oversight<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Leverage the Democratization of AI<\/h2>\n\n\n\n<p>The future of AI is shaping up similar to the evolution of electricity \u2014 it started off as an expensive and exclusive resource but is rapidly becoming more accessible and an everyday essential to many inside and outside of the workplace.&nbsp;<\/p>\n\n\n\n<p>Just as electricity once cost $5-7 per kilowatt-hour and now averages around 13 cents, AI is on a similar path. The cost per token in AI models has already dropped by 240 times since its initial release.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"AI is Already Becoming More Accessible to Ecommerce Companies\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/PG4XPNTayRA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>But this is only the beginning. Experts believe we\u2019re at the start of a 20-year cycle of <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/how-ai-is-revolutionizing-ecommerce-at-an-unprecedented-pace\">rapid growth and innovation<\/a> for the technology.<\/p>\n\n\n\n<p>As AI costs continue to decline, the ability to access high-quality AI models with less processing power will open up exciting possibilities for everyone, from small startups to global companies. This shift will empower companies across all industries, especially in ecommerce, to leverage AI\u2019s full potential.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Understand the Criteria for Consequential AI<\/h2>\n\n\n\n<p>90% of AI innovations don\u2019t make a meaningful impact \u2014 only 10% truly matter. But how do we identify what innovations are genuinely consequential?<\/p>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/in\/rdedatta\" target=\"_blank\" rel=\"noopener\">Raj De Datta<\/a>, the CEO and co-founder of Bloomreach, suggests that AI initiatives should meet at least two of the following three criteria:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Move key metrics by at least 10%<\/strong>: AI should drive a noticeable impact on business performance over the medium term. It\u2019s not about minor tweaks but significant improvements that push the business forward.<\/li>\n\n\n\n<li><strong>Deliver a differentiated customer experience<\/strong>: AI should create a distinct advantage in how customers interact with your brand. It should encourage them to choose your business over competitors also using AI. It\u2019s not just about adopting AI \u2014 it\u2019s about standing out because of it.<\/li>\n\n\n\n<li><strong>Boost team productivity significantly<\/strong>: AI should make a profound impact on productivity \u2014 not just minor gains of 2-3% but up to a 2x improvement that reduces operating costs and reshapes how teams work.<\/li>\n<\/ul>\n\n\n\n<p>For AI to be truly consequential, it must move beyond being a supportive \u201ccopilot\u201d and <a href=\"https:\/\/m.youtube.com\/watch?v=csea8-LYSFw\" target=\"_blank\" rel=\"noopener\">step up as the \u201cpilot.\u201d<\/a> Let AI take charge of key functions like managing customer interactions.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"The Impact of Consequential AI on Ecommerce\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/hD9CYZ_zBxY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Take ecommerce customer service as an example. Nearly 22% of people would prefer spending night in a jail over dealing with traditional customer service. By replacing traditional chatbots with advanced AI agents that simulate human expertise, ecommerce businesses can transform the customer experience.&nbsp;<\/p>\n\n\n\n<p>Instead of frustrating back-and-forths or endless ticket routing, these agents can understand the problem, provide immediate solutions, and close tickets efficiently. This approach can lead to faster resolutions, drastically reduce wait times, and improve customer satisfaction scores (CSAT) \u2014 all while cutting operational costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Deliver Personalized Experiences<\/h2>\n\n\n\n<p>Imagine you buy a wallet from an online store, but the next day, you return it. A few days later, you receive an SMS saying the wallet is on sale, followed by a product recommendation for a keychain that pairs well with the wallet.&nbsp;<\/p>\n\n\n\n<p>That\u2019s an example of poor personalization \u2014after all, you already returned the wallet. So, the sale notification and product recommendation don\u2019t make sense.<\/p>\n\n\n\n<p>Poor personalization can leave your customers feeling disconnected and frustrated. It can make them question whether you truly understand their needs and wants. And may even make them feel like just another number.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Delivering Personalized Experiences With Bloomreach and Loomi AI\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/n-knMkVR2Xo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>However, this doesn\u2019t mean you should shy away from personalizing customer experiences. In fact, customers crave personalization now more than ever. <a href=\"https:\/\/www.epsilon.com\/us\/about-us\/pressroom\/new-epsilon-research-indicates-80-of-consumers-are-more-likely-to-make-a-purchase-when-brands-offer-personalized-experiences\" target=\"_blank\" rel=\"noopener\">80% of shoppers<\/a> prefer to buy from ecommerce businesses that deliver personalized experiences.&nbsp;<\/p>\n\n\n\n<p>While poor personalization can push them away, the right kind of personalization can do the opposite. In fact, well-executed personalization can deliver up to an <a href=\"https:\/\/www.mckinsey.com\/capabilities\/growth-marketing-and-sales\/our-insights\/personalizing-at-scale\" target=\"_blank\" rel=\"noopener\">8x ROI <\/a>on marketing spend.<\/p>\n\n\n\n<p>With advanced AI like <a href=\"https:\/\/www.bloomreach.com\/en\/products\/loomi\">Loomi AI<\/a>, it\u2019s now possible to hyper-personalize the customer experience across every touchpoint. You can deliver <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/the-power-of-hybrid-vector-search-in-ecommerce\">more precise search results<\/a> tailored to <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/the-path-to-achieving-true-1-to-1-personalization\">each shopper\u2019s affinities<\/a> in real time, serve the <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/contextual-personalization\">best variant on an individual level<\/a> at the <a href=\"https:\/\/www.bloomreach.com\/en\/library\/use-cases\/deliver-emails-at-the-optimal-time-featuring-items-based-on-past-purchases\">time most likely to drive conversions<\/a>, and much more.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. The 4 C\u2019s and 3 A\u2019s of AI Development<\/h2>\n\n\n\n<p>To implement AI ethically yet effectively, you can start by adopting the 4 C\u2019s:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Consent:<\/strong> Make sure that your customers clearly understand and agree to how their data will be used.0<\/li>\n\n\n\n<li><strong>Control:<\/strong> Allow customers to manage their data preferences easily. Provide options for users to control what information is shared and how it\u2019s used.<\/li>\n\n\n\n<li><strong>Compensation:<\/strong> Offer tangible value in exchange for data, like personalized discounts, rewards, or <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/loyalty-programs-antavo-bloomreach\">exclusive offers<\/a>.<\/li>\n\n\n\n<li><strong>Credit:<\/strong> Be transparent about data sources and contributions. Acknowledge where insights come from, whether it\u2019s user feedback, reviews, or other data, to maintain honesty and integrity in AI-driven recommendations.<\/li>\n<\/ul>\n\n\n\n<p>From there, you\u2019ll also want to adhere to the 3 A\u2019s of AI development:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Accelerate:<\/strong> Use AI to speed up processes such as order fulfillment, customer service, and <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/impactful-personalized-marketing-examples-you-can-implement-today\">personalized marketing<\/a>. However, make sure that acceleration doesn\u2019t compromise quality \u2014 faster should still mean better.<\/li>\n\n\n\n<li><strong>Augment:<\/strong> Implement AI to enhance your team\u2019s capabilities, not replace them. AI can support decision making, streamline operations, and empower employees to deliver a better customer experience.<\/li>\n\n\n\n<li><strong>Accommodate:<\/strong> Design AI solutions that cater to diverse customer needs and preferences.&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Building a Future: Principles for AI-Powered Systems\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/06xEOTXZjrE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>To dig into how we at Bloomreach approach AI, be sure to <a href=\"https:\/\/www.bloomreach.com\/en\/blog\/bloomreach-ai-development-principles\">read up on our AI development principles<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. Go Beyond Transactions To Build Relationships<\/h2>\n\n\n\n<p>Imagine walking into a physical store and being greeted by someone who genuinely wants to help, not just make a sale. That\u2019s the kind of experience online businesses should strive to replicate \u2014 one that\u2019s centered around understanding and serving customer needs.<\/p>\n\n\n\n<p>Don\u2019t just facilitate a purchase. Instead, support the entire shopping journey, from helping customers choose the right product to guiding them on how to use it effectively.<\/p>\n\n\n\n<p>Thurston focuses on the importance of moving beyond \u201cpurchase intent\u201d to solve bigger problems, like helping customers minimize the carbon footprint of their purchases or encouraging them to recycle and renew. This approach aligns with the principles of sustainability and the circular economy. And focuses on the long-term value of products rather than just the initial sale.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Transforming Retail: How AI Can Serve Beyond Purchase Intent\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/ynxE3PekXwo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>By leveraging AI, ecommerce businesses can become more than just sellers \u2014 they can become partners in their customers\u2019 lives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Using AI for Impactful Ecommerce<\/h2>\n\n\n\n<p>AI adoption has its hurdles, but the real opportunity lies in using it to build stronger connections with customers and drive real impact.&nbsp;<\/p>\n\n\n\n<p>The key is not just implementing AI for the sake of the technology itself but applying it thoughtfully to solve real problems, enhance customer engagement, and deliver measurable results. This, in turn, will allow businesses to go beyond mere automation to create personalized and meaningful experiences that resonate with shoppers.<\/p>\n\n\n\n<p>To learn more about how we\u2019re leading the charge of this major technological transformation, be sure to join us on October 15th for our AI feature showcase following The Edge Summit. See live demos, hear from brands already reaping the benefits of artificial intelligence, and catch a glimpse of what\u2019s ahead for our industry. <a href=\"https:\/\/visit.bloomreach.com\/cutting-edge-ai-feature-showcase\" target=\"_blank\" rel=\"noopener\">Register today<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Among ecommerce businesses, the urge to integrate AI across different aspects of their operations is stronger than ever. And it\u2019s clear why: AI has the power to transform the overall customer experience. Think personalized product recommendations tailored to each shopper, smarter search capabilities that understand the context of conversational queries, and virtual shopping assistants that [&hellip;]<\/p>\n","protected":false},"author":350,"featured_media":52107,"template":"","ew-regions":[],"ew-solutions":[],"library_type":[513],"library_blog_tag":[362],"industry":[],"channel":[],"topic":[283,286],"class_list":["post-51920","library","type-library","status-publish","has-post-thumbnail","hentry","library_type-blog","library_blog_tag-ai-and-innovation","topic-ai","topic-commerce-experience"],"acf":{"library_blog_banner_content":"","library_blog_banner_cta1_text":"","library_blog_banner_cta1_href":"","library_blog_banner_cta1_new_tab":false,"library_blog_banner_cta2_text":"","library_blog_banner_cta2_href":"","library_blog_banner_cta2_new_tab":false,"library_blog_banner_bg_color":"#EAF7FE","library_blog_banner_cta_text_color":"#FFF","library_blog_banner_cta_bg_color":"#019ACE","library_blog_banner_cta2_text_color":"#000","library_blog_banner_cta2_bg_color":"#FFF","library_blog_chatgpt_content":"","library_blog_chatgpt_cta_href":"","library_blog_chatgpt_cta_text":"Ask ChatGPT"},"_links":{"self":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library\/51920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library"}],"about":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/types\/library"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/users\/350"}],"version-history":[{"count":3,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library\/51920\/revisions"}],"predecessor-version":[{"id":51980,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library\/51920\/revisions\/51980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/media\/52107"}],"wp:attachment":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/media?parent=51920"}],"wp:term":[{"taxonomy":"ew_regions","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/ew-regions?post=51920"},{"taxonomy":"ew_solutions","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/ew-solutions?post=51920"},{"taxonomy":"library_type","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library_type?post=51920"},{"taxonomy":"library_blog_tag","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library_blog_tag?post=51920"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/industry?post=51920"},{"taxonomy":"channel","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/channel?post=51920"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/topic?post=51920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}