Google India’s senior executive spoke about AI’s transformational power and how retail businesses are leveraging it for their benefit at the India D2C Summit 2024
Mumbai: Leading retailers like Tira and Tanishq have begun reaping tangible benefits of the power of artificial intelligence, a Google India senior executive said while speaking at the India D2C Summit 2024 in Mumbai on Wednesday.
In his presentation ‘AI in D2C Retail: Focus, Not Frenzy’, on the first day of the Summit Bhaskar Ramesh, Director – Omnichannel Businesses, Google India, shared the impact that retail enterprises have experienced using AI products in their business.
He cited the example of Reliance Retail’s Tira, which used Google’s AI products to enhance its online catalogue, resulting in a 50% increase in organic clicks, 27% conversion value and 47% increase in online return on advertising spend (ROAS).
Leading jewellery retail chain Tanishq by Tata Group, which has 450 stores nationwide, used AI-powered omnichannel solutions to deliver a seamless experience. Tanishq reported reducing its consumer acquisition cost (CAC) by 38%. Furthermore, 26% of its store sales had a Google AI impact.
“Retail is one sector which we believe is going to fundamentally be transformed with AI,” the Google India executive said.
Generative AI, which offers right brain capabilities is transforming things all around us, he added. “There are three fundamental use cases of AI, which are not different for retail: 1. deliver better customer experiences, 2. enhance productivity and 3. improve enterprise effectiveness.
Deploying AI can rapidly close gaps between ideas and execution, transform advertising performance, and convert shopping into an immersive lifestyle/ entertainment experience.
