Retail
Bridging the Gap Between AI and Retailers
Retailers are using AI to translate product data into the language customers actually search for, unlocking hidden revenue
Key takeaways
Lily AI translates 'merchant speak' into 'consumer speak' using image recognition and AI, making product catalogs more searchable.
The approach improves on-site search relevance and demand forecasting, leading to measurable revenue increases for retailers.
Authenticity and consumer-centric context are critical to effective AI applications in retail.
The intersection of AI and retailers comes into focus In the latest episode of Retail Refined. Host Melissa Gonzalez sits down with Purva Gupta, Co-Founder and CEO of Lily AI. Their conversation centers on how Lily AI bridges the gap between 'merchant speak' and 'consumer speak' regarding AI and retailers. Gupta explains how Lily AI uses advanced image recognition and AI capabilities to extract product attributes from catalogs, translating them into consumer-friendly language. This process not only optimizes on-site search and demand forecasting but also leads to significant revenue increases. The discussion also touches on the importance of authenticity and context in AI applications, with Gupta emphasizing that AI is best when viewed as a tool to solve consumer problems rather than an end in itself.
AI is best when viewed as a tool to solve consumer problems rather than an end in itself.
Purva began her career with Saatchi and Saatchi, forming her love of retail when she was assigned to P&G and witnessed the emotional strength of people's connection to their preferred products. Inspired by consumer innovation, Purva joined Eko, a branchless banking and mobile payments platform serving the unbanked and funded by Gates Foundation. Most recently, Purva invested in life-saving apps and technologies with UNICEF Ventures' Innovation Fund. Purva is an immigrant founder on six visas in the last four years to live her American dream. She is a Tory Burch Fellow (2019) and holds an MBA from the Indian School of Business and a Bachelor's in Economics from Shri Ram College of Commerce (India).
About the author
Industry-recognized influencer, leader, and storyteller in Retail. Lead Retail Industry Contributor at MarketScale. Principal at MG2 Design. Host of "Retail Refined" Podcast. As a global brand and retail experience disruptor, Melissa possess strong proficiency in consumer insights, experiential design, retail technology integration, and brand innovation. During her career, she have created powerful visual narratives through physical spaces, imprinting complex concepts and ideas to consumers in genuine, tactile, and persuasive manners. She have also served as a consumer engagement trendsetter, “pop-up” industry pioneer, and entrepreneur. Melissa founded and launched a consumer experiential design firm that achieved a successful exit, driving initial client wins, monetization, and exponential revenue growth. </br> </br> </br> "Melissa brings both her industry knowledge and an approachable and educational point of view to her interviewing skills. With an authentic style, she facilitates an engaging dialogue, one where listeners can walk away from with tangible insights and thought provokers!" </br> </br> <b>-Jeffrey Roseman, Vice Chairman of Retail at Newmark</b> </br> </br> </br> "What sets Melissa apart is her ability to cut through the noise and provide actionable insights. Whether you’re a store owner looking to revamp your space or a tech enthusiast curious about the next big thing in retail, you’ll find tangible ideas to build on. From seasoned designers to pioneering tech gurus - ensuring that listeners are always engaged with diverse and forward-thinking perspectives. Retail Refined doesn’t just skim the surface; it dives deep into topics that matter. If staying ahead of the retail curve is important to you, start here." </br> </br> <b>-Nate Frazier, Chief Operating Officer of GNC</b>
