With McKinsey’s projection that Generative AI (GenAI) could contribute up to $4.4 trillion in global annual productivity, it’s clear that the technology will have transformative effects across industries. Notably, Sales and Marketing, which McKinsey estimates will contribute a significant portion of that value, stand to benefit from GenAI in numerous ways.

As marketers face rising customer expectations, they must find ways to use GenAI strategically to enhance the entire consumer experience. This involves rethinking how they approach data analytics, content generation, campaign management, and performance measurement.

This podcast explores how Generative AI (GenAI) can be used to improve the entire consumer experience in the marketing technology (Martech) ecosystem. GenAI can revolutionize how brands approach data analytics, content generation, campaign management, and performance measurement. By using GenAI for tasks such as predictive analytics, automated content creation, and AI-driven campaign optimization, marketers can personalize customer experiences, automate repetitive tasks, and achieve better results. Embracing GenAI is essential for businesses looking to enhance their brand's MarTech capabilities and provide a superior customer experience.

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The podcast provides guidance on migrating to a composable commerce platform, focusing on multi-region rollouts. It breaks down the migration process into several key steps, including evaluating the existing landscape, adopting a modular strategy, and addressing potential bottlenecks.

The podcast also offers recommendations for different commerce platforms (e.g. Adobe, SAP, Salesforce, VTex, Spryker) based on business model (B2B, B2C, B2B2C) and emphasizes the importance of data localization, compliance, and performance optimisation for international expansion.

Finally, it highlights essential key performance indicators (KPIs) and objectives and key results (OKRs) to track the success of the migration.

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Retail companies are struggling to manage their IT costs and derive maximum operational efficiency as outlook for consumer spending remains uncertain. Interestingly, with latest innovations, technology advancements and continuous endeavour for enhancing customer experience, retail companies across the globe are looking for vendors who can not only do implementations or provide ongoing support and enhancements to their IT infrastructure.

They are actually expecting their IT vendors to evolve as their partners and provide best practices as well innovating approaches to reduce their costs i.e. year-on-year IT budgets and provide operational efficiency. In simple words, retail companies are expecting their existing vendors to reduce their TCO on an yearly basis.

So, what are key areas which should be evaluated to provide effective and tangible initiatives to reduce costs and increase operational efficiency of their IT ecosystems.

Based on my experience and understanding of some of the best use cases delivered for our clients in retail sector by BORN Group and Tech Mahindra, here are some of my suggestions for retail companies specially for deriving a reduction in Total Cost of Ownership (TCO) over 1, 2, and 3 years.

It involves a strategic approach that focuses on both immediate savings and long-term operational efficiencies. TCO encompasses all direct and indirect costs related to an IT ecosystem, including hardware, software, labor, and operational expenses.

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