Brands can reimagine the product lifecycle from design and development to attribution and advertising with generative AI-powered applications.
PONTE VEDRA, Fla.--(BUSINESS WIRE)--Digital Wave Technology, provider of the Digital Wave ONE Platform that unites the entire omnichannel product journey, today released a new report with Coresight Research, a research and advisory firm specializing in retail and technology, titled "Acceleration From Generative AI Software Can Enhance Retailers’ and Brands’ Speed and Profitability, According to a Digital Wave Technology and Coresight Research Report."
According to the report, the generative AI market skyrocketed to $5.7 billion in 2023, based on global service providers’ estimated revenues. This momentum is expected to continue at a 90.3% compound annual growth rate (CAGR) to total $74.8 billion in 2027. Looking at the potential productivity gains from generative AI driven acceleration, one multibillion-dollar-revenue North American retailer with more than 2,000 stores drove an efficiency increase of greater than 90% in the process of onboarding products to the digital store using generative AI, according to Digital Wave Technology.
As brands and retailers integrate generative AI into their product launch journeys, the report recommends they explore the technology’s wide breadth of applications. These capabilities include enhancing product design, automating product descriptions and imagery, improving product attributes and search, and accelerating advertising ideation and execution.
“By combining human-language input with a brand’s design library, customer reviews, and branded content, generative AI greatly reduces the time creative and marketing teams spend developing product copy and advertisements,” said Deborah Weinswig, CEO and founder, Coresight Research. “This report created in partnership with Digital Wave Technology highlights the latest developments in generative AI, as well as best practices for successfully implementing the technology to help brands and retailers make the most of this quick-moving target.”
The report also showcases the implications of generative AI that will be integral for brands and retailers in the coming years, most notably security.
“Today, many businesses are using open large language models (LLMs) like ChatGPT or OpenAI for their generative AI needs, putting their confidential brand information at risk,” said Lori Schafer, CEO, Digital Wave Technology. “As an alternative, Digital Wave Technology offers a platform that is LLM agnostic and ‘daisy-chains’ best-in-class private and/or public LLMs together to optimize pivotal data science techniques. This strategy empowers brands and retailers to achieve key business results while maintaining safe AI ethics and ensuring confidential brand information is secure.”
In addition to enhanced security, the report details other key benefits of partnering with generative AI vendors, including:
Creating a Competitive Advantage – By using generative AI to accelerate product development and product launches, brands and retailers can quickly respond to customer inquiries and market trends.
Improving Profitability With Fewer Resources – Generative AI offers important cost-saving benefits and efficiencies that empower brands and retailers to pursue new revenue opportunities. Furthermore, it can significantly improve conversions and top line sales.
Continuing Innovation at Scale – In time, generative AI will go far beyond drafting text and images from prompts. Retailers and brands must invest in solution providers who will continuously innovate their technologies and stay ahead of the curve.
To read more about generative AI use cases, view the full report.
About Digital Wave Technology
Digital Wave Technology provides turnkey and extensible enterprise AI applications that meet the business-critical needs of global corporations in consumer industries including retail, consumer goods, and healthcare. The company’s single integrated analytical platform offers packaged and extensible applications, as well as the flexibility for rapid development of new solutions, giving customers a competitive edge. Its strategy hinges on relentless innovation and a commitment to delivering unparalleled value through business-use-case-driven technology with impeccable customer service. Digital Wave Technology laid its foundation in enterprise Product Information Management and Master Data Management which now serves as the common data model underpinning an ever-growing list of relevant solutions, including Product Experience Management, category management, price & promotion optimization, and Maestro AI for content and marketing. Learn more at www.digitalwavetechnology.com.
About Coresight Research
Coresight Research is a research and advisory firm specializing in retail and technology. Established in 2018 by leading global retail analyst Deborah Weinswig, the firm is headquartered in New York, with offices in London, Lagos, Hong Kong, Shanghai and Mangalore (India). The firm provides data-driven analysis and strategic advisory to clients including retailers, brands, enterprise technology companies, accelerators and more. In addition to being renowned for its breadth and depth of research, Coresight Research is known for its expertise in the China market, helping clients with market entry and cross-border e-commerce strategies. Coresight Research is also known for its Innovator Intelligence platform, consisting of a vast network of technology entrepreneurs that it actively cultivates through events, mentorship, and regularly updated report coverage. For more information, visit www.coresight.com.
Contacts
Media Contacts Matthew Boncosky Ketner Group Communications (for Digital Wave Technology) Matthew.Boncosky@ketnergroup.com
Laura Baumgartner Coresight Research lbaumgartner@asylumpr.com