Sora: The Future of Market in the Age of AI Dorea Team, February 16, 2024February 17, 2024 Last night, Sam Altman, CEO of the OpenAI company, tweeted some eye-catching videos made by generative AI called Sora. Just like GPT-4, the mechanism is text-to-video; you type something, and then it creates a hyper-realistic video for you. The most interesting part was the comments by people on the X platform; some were scared they would lose their jobs, and some were happy to see this historic moment. even MrBeast was scared and tweeted like this: but the new reality of the economy is AI, and we should deal with it. Retail Intelligence goes Artificial While automation has increased across the whole retail supply chain in the last four decades, there is no doubt that in the next few years, the use of artificial intelligence (AI) will transform every aspect of the business of selling. In an interview with Inside Retail, data and digital expert Renaud Frisé listed just a few of these developments, describing how AI will sift through not only past sales data but also real-time analytics, customer behaviors, market trends, and even external factors like weather conditions or local events that might impact demand. This data will help retailers take stock optimization to new levels, increasing both profitability and customer satisfaction. Frisé also said that AI will directly impact customers, with AI-enabled smart trolleys that accurately tally products and also take payment, potentially saving customers time and reducing labour costs and retail theft. Customer satisfaction will also increase as AI-powered virtual try-on facilities evolve and finally meet customer expectations. In the words of the ARA, AI could be the silver bullet that retailers are looking for: the ability to reduce costs and improve service. Remarkably, the Australian Retail Outlook found that only 19 percent of retailers nominate AI as a big driver of growth in 2024. The opportunity for early movers to leverage AI and get ahead of their competitors is clear. [Inside Retail] so, what is the next step? It’s become a cliché to say that consumers are struggling with the increased cost of living. Alex Downie, associate director of Sydney-based private equity firm Glow Capital Partners, commented that the gap between the best Australian brands and the rest has grown wider in the last 12 months. “As consumers have tightened their wallets, they have become more selective. We’ve seen top-tier brands continue to perform while others with less customer buy-in have seen their sales drop off,” Downie told Inside Retail. so you should focus on encouraging people using loyalty programs to shop more. On the Crypto Dorea platform, we provide everything you need to set up an easy crypto cashback program for your most loyal customers. You can customize it in any way you want for each product or service category. Visit Crypto Dorea and get the latest updates on the product. Articles