The Cloud Could be a Salve for Old Retail’s Growth Problem
As technology continues to evolve, some retail giants are suffering the consequences.
FOX’s Victoria Craig reports:
It’s been a rough year for retail.
Brands like Tiffany, Banana Republic, and Ralph Lauren have seen leadership shakeups while many others saw holiday-quarter sales drop as they struggled to compete with e-commerce giants like Amazon.
But a salve for retail woes could be in the cloud. Brands like 1-800-Flowers, Macy’s and Home Depot have turned to IBM’s Watson technology that “thinks” like a human being, the goal is to revamp parts of their businesses from online customer platforms to inventory control.
IBM’s Harriet Green, general manager of the Watson internet of things, commerce, and education division, said appealing to younger shoppers is key:
(Green) “I mean this is the generation that’s sort of online, asleep, or shopping. And so the scale of how important shopping is, I think in the report, over $44 billion in buying power and unique needs, demands, and behaviors.”
1-800-Flowers president Chris McCann said his company, which has traditionally attracted middle-aged customers, saw a boost in younger shoppers after launching a chat bot that makes recommendations:
(McCann) “What we’re finding is that the consumer is spending more time trying to find the right gift for the right recipient at that right time on the right occasion.”
The challenge now is innovating at the same lightning speed customer preferences evolve.
Victoria Craig, FOX News.
