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Articles related to "retail"

THE AI DISRUPTION BUNDLE: The guide to understanding how artificial intelligence is impacting the world

  • In the increasingly cluttered e-commerce space, personalization is one of the key differentiators retailers can turn towards to stand out to consumers.
  • In fact, retailers that have implemented personalization strategies see sales gains of 6-10%, at a rate two to three times faster than other retailers, according to a report by Boston Consulting Group.
  • It also emphasizes which applications are most mature, provides recommendations of how FIs should approach using the technology, and offers examples of where FIs and payments firms are already leveraging AI.
  • The report draws on executive interviews BI Intelligence conducted with leading financial services providers, such as Bank of America, Capital One, and Mastercard, as well as top AI vendors like Feedzai, Expert System, and Kasisto.
  • Retailers that have implemented personalization strategies see sales gains of 6-10%, a rate two to three times faster than other retailers, according to a report by Boston Consulting Group (BCG).

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AI IN E-COMMERCE: How artificial intelligence can help retailers deliver the highly personalized experiences shoppers desire

  • This is a preview of a research report from BI Intelligence, Business Insider's premium research service.
  • To do this, many retailers are attempting to differentiate themselves by creating highly curated experiences that combine the personal feel of in-store shopping with the convenience of online portals.
  • These personalized online experiences are powered by artificial intelligence (AI).
  • Retailers that have implemented personalization strategies see sales gains of 6-10%, a rate two to three times faster than other retailers, according to a report by Boston Consulting Group (BCG).
  • In a new report from BI Intelligence, we illustrate the various applications of AI in retail and use case studies to show how this technology has benefited retailers.
  • Finally, the report weighs the pros and cons of strategies retailers can take to successfully execute AI technologies in their organization.

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More Bubble Talk: Visa CFO Loses His S**t on Bitcoin

  • Vasant Prabhu, CFO of card leader Visa, can’t seem to come to terms with bitcoin.
  • Visa’s Prabhu has been “shocked” by misguided retail investors who know just enough about bitcoin to be dangerous.
  • Bitcoin fever is everywhere, and it’s insulting to the top finance executive of a global payments company whose brand is weaved throughout a centralized banking system.
  • US banks and have moved to ban credit card payments for cryptocurrencies, while Sweden’s Nordea has banned its employees from owning BTC.
  • While Visa payments aren’t processed in bitcoin, the company falls short of prohibiting its customers from transacting with bitcoin.
  • Visa strongly enforces know-your-customer (KYC) and anti-money laundering protocols, which is yet another reason that bitcoin irritates the company’s finance chief.
  • But that doesn’t mean scamsters, who get away with $200 billion in fraudulent profits yearly, are turning away from cryptocurrencies altogether.

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Goldman-Backed Crypto Startup Circle to Hire 100 Employees, Expand into Asia

  • Fintech startup Circle said that it will hire 100 employees to expand into Asia and improve operations at Poloniex, its recently-acquired cryptocurrency exchange.
  • The Dublin-registered firm, which has received funding from both Goldman Sachs and Chinese tech conglomerate Baidu, will use many of these new hires to improve customer support and operations at Poloniex, which Circle reportedly acquired for $400 million in one of the largest deals in the industry’s history.
  • At present, the US-based Poloniex ranks as the 14th-largest cryptocurrency exchange, as measured by daily trading volume.
  • Meanwhile, Coinbase — whose dominant role in the Western retail market Circle is seeking to supplant — announced Wednesday that it had received an e-money license in the UK and had become the first cryptocurrency exchange to land a UK bank account.

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Shoppers are complaining that Apple Stores have become a 'hell on earth' like the DMV — and it's a growing crisis for the tech giant

  • Many customers are now comparing their Apple Store experiences to those they've had at a different place: the dreaded DMV.
  • Twitter TheOnlyDJQuallsA recent trip to a New York City Apple Store by Business Insider's Avery Hartmans revealed a chaotic, hellish mess.
  • Employees told Business Insider's Kif Leswing in November 2017 that overcrowding was a huge concern and that Apple's existing customer service model simply wasn't functional anymore.
  • Simply put, too many people need assistance at Apple Stores — and employees don't have the time to help everyone immediately.
  • Irritated customers tired of waiting for simple assistance tend to be less than impressed by Apple Stores' unique design.
  • They also feature a new approach to the Genius Bar with the "Genius Grove," which allows a section of the store to be focused on repairs and assistance without involving lines.

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Warby Parker is valued at $1.75 billion after a pre-IPO investment of $75 million

  • The new funding values the New York City-based company at $1.75 billion, according to a person familiar with its finances, and is expected to help it fuel several new initiatives before having to prove their payoff to public-market investors.
  • Warby Parker last raised a $100 million investment about three years ago that valued the company at $1.2 billion, and has now raised nearly $300 million in total.
  • Warby Parker doesn’t disclose its revenue — nor even a year-over-year growth rate metric favored by startups that want to come across as transparent even when they’re not — but says it will be profitable on an EBITDA basis this year for the first time.
  • Gilboa attributed the profitability breakthrough to accelerating revenue growth, supply chain improvements, and the opening of the company’s new Optical Lab, which pulls more assembly work in-house while boosting gross margins.

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Costco eyes fresh grocery delivery in Canada

  • TORONTO — Costco is exploring ways to deliver fresh groceries to consumers in Canada after finding early success with its new online food delivery services in the U.S. Canada’s biggest warehouse retailer, whose grocery market share has increased substantially over the last decade along with Walmart’s, introduced online grocery delivery of non-perishables to U.S. customers last October.
  • Same-store sales at Costco Canada in the second quarter ended Feb. 18 were robust, rising 8.7 per cent.
  • Walmart Canada, meanwhile, reported Canadian same-store sales 2.9 per-cent in the period ended Jan. 31.
  • Ont. Kevin Grier Market Analysis & Consulting Inc. In the U.S., Costco has also made it clear that the move is about convenience for customers, not cost: On the area of its website that details online grocery delivery options, it notes that online prices are generally 15 per cent to 17 per cent above warehouse walk-in prices.

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Thai Bank Will Add Euro, Pound to Ripple Blockchain Retail Remittances

  • Thai ‘big four’ banking institution Siam Commercial Bank (SCB) is adding euros and sterling to its Ripple-powered blockchain remittance platform.
  • The SCB, one of Thailand’s biggest banks, is adding the euro and the sterling pound to its retail remittance offering powered by San Francisco-based blockchain giant Ripple, the Bangkok Post reports.
  • SCB strategy chief Arak Sutivong pointed to strong payment inflows of euros and pounds to Thailand as inward remittance as reasons for the blockchain-powered retail offering.
  • The commercial blockchain application, currently being tested in a regulatory sandbox under the eye of the Bank of Thailand, has already proved successful according to the SCB executive.
  • With the SCB looking to add support for the euro and the pound using the same Ripple tech, Arak contends that the bank could avoid going through the regulatory sandbox for testing.

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Stitch Fix made a big addition to its business that won’t show up in its Q2 financial results

  • Stitch Fix posted another profitable quarter with revenue of $296 million that beat analyst expectations, but the most interesting company development received just a passing mention in the earnings announcement for the second quarter of its 2018 fiscal year.
  • But its existence points toward the ambition the personal styling company has to grab more of the money its customers spend on clothing outside of their relationship with Stitch Fix. Let’s back up for a second.
  • Lake didn’t specifically call out Amazon as “another retailer,” but that e-commerce giant happens to be one of the online companies that has gotten very, very good at selling apparel basics like socks and underwear.
  • For the second quarter of its fiscal year, Stitch Fix net revenue grew 24 percent to $296 million, beating out analyst average estimates of $291 million.

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Target is expanding its Drive Up curbside pickup service nationwide

  • Customers order things through the company’s app, drive up to a store, and employees will bring the purchases out to their car — the very literal embodiment of meeting customers halfway.
  • Target plans to introduce the feature to close to 1,000 locations over the course of the year.
  • After placing an order in the app, customers get an alert when the purchase is ready to go — a process that generally takes under an hour.
  • After driving up to the location, curb service generally takes around two to three minutes.
  • But there’s still value in the physical location — as Amazon’s discovered in recent years — and Target still has plenty, with upwards of 2,000 stores across the U.S. At the very least, it’s a way for the company to stay competitive with online retail’s increasing push toward same-day delivery.

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