February 3, 2023

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Retail Is Being Innovated By Technology and Israeli Startup renovai is a Driving Force

2 min read

renovai is the company behind the world’s first AI-based interior designer.

With the vision of creating inspiring and engaging online interactions, renovai developed a complete suite of AI Design solutions addressing all visual commerce needs.

Powered by decades of design knowledge and best practices, renovai integrates with leading retailers, giving them a competitive edge by providing real-time realistic product display options and hyper-personalized journeys, significantly increasing conversion and average order value.

We had the pleasure to interview renovai’s Co-Founder & CEO Alon Gilady, and investigate deeply the retail landscape and its intersection with technology.

How can retailers increase profitability?

Obviously, there are a lot of issues and various tracks for increasing profitability.

By now, most if not all retailers have an online presence. Even if some customers prefer to shop in-store for items like furniture, most of the exploration phase takes place online, so it’s imperative for customers to find the brand online. Setting up an online store is creating a secondary sales channel to complement brick-and-mortar sales. Also, an online store can increase your exposure and sales while costing far less than opening a second physical location.

Another important thing is inventory planning which can be done much easier today with trends forecasting, supported by AI tools. It’s also important to monitor patterns and even offer discounts or packages, maximizing items’ gross profits.

Automated processes are a must – not just operational issues like storage or staffing but also product tagging and in-store digitization. There are a lot of places where retailers can lower overhead spending without sacrificing the quality of their customer experience.

The bottom line, though, is keeping shoppers happy. It all comes down to understanding your customers and how they want to shop and what they need to have a good and comfortable shopping experience….

Business Matters

2022-06-01 19:12:42

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