• Generative AI in Retail: Challenges and Opportunities for Retail CEOs with Peter Cohan

  • Oct 22 2024
  • Length: 1 hr
  • Podcast

Generative AI in Retail: Challenges and Opportunities for Retail CEOs with Peter Cohan

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  • S4:E6 Unlocking Generative AI for the Retail C-Suite with Peter CohanIn this episode of The Retail Razor Show, hosts Ricardo Belmar and Casey Golden explore the transformative potential of generative AI in retail, featuring insights from Peter Cohan, an associate professor, strategy consultant, startup investor, book author, columnist and AI expert. The discussion covers AI's evolution compared to the dot-com era, the influence of large tech companies, and the substantial growth opportunities AI presents for retailers. Key topics include the contrast between the relay vs. rugby approaches to AI transformation, the crucial role of CEOs in AI adoption, and the importance of a quality data foundation for AI inputs. The episode highlights strategic investment, customer-centric innovations, and practical examples of successful AI implementations, guiding C-suite listeners on how to embrace AI as a long-term investment for unlocking new revenue streams versus a short-term quick fix.About Peter Cohan:Peter is an Associate Professor of Management Practice at Babson College, he is the faculty lead for the core undergraduate strategy course and has created popular electives on Startup Cities and Scaling Strategy. His strategy consulting firm has completed over 150 projects to help companies identify, evaluate, and profit from growth opportunities created by changing technology. He has invested in seven startups, three of which were sold for over $2 billion and one of which, SoFi, went public in 2021 at an $18 billion valuation. He is the author of 17 books, most recently "Brain Rush: How to Invest and Compete in the Real World of Generative AI" and he is a senior contributor at Forbes and a contributor at Inc. RETHINK Retail named him a Top Retail Expert every year between 2021 and 2024 and chose him as a Top AI Leader for 2024 this year.Subscribe to our Newsletter: https://retailrazor.substack.comSubscribe to our YouTube channel: https://bit.ly/RRShowYouTube00:00 Show Intro02:49 Meet Our Guest: Peter Cohan04:21 Unlocking Generative AI for the Retail C-Suite05:40 Peter Cohan's Background and Journey10:25 Impact of Generative AI in Retail12:48 Challenges and Risks of AI in Customer Service16:34 Strategies for Embracing AI in Retail17:21 Relay Race vs. Rugby Approach in Product Development28:48 Best Practices for AI Implementation32:43 Driving Company Growth: The CEO's Role35:15 The Value Pyramid Framework39:36 AI's Role in Retail Innovation47:49 Challenges and Opportunities with AI Data53:19 Entrepreneurial Insights and Cognitive Hunger57:18 Concluding Thoughts and Future Directions58:56 Show CloseMeet your hosts, helping you cut through the clutter in retail & retail tech:Ricardo Belmar is an NRF Top Retail Voices for 2025 and a RETHINK Retail Top Retail Expert from 2021 – 2024. Thinkers 360has named him a Top 10 Retail Thought Leader, Top 50 Management Thought Leader, Top 100 Digital Transformation Thought Leader, and a Top Digital Voice for 2024. He is an advisory council member at George Mason University’s Center for Retail Transformation, and is the director partner marketing for retail & consumer goods at Microsoft.Casey Golden, is the CEO of Luxlock, a RETHINK Retail Top Retail Expert for 2023 and 2024, and Retail Cloud Alliance advisory council member. Obsessed with the customer relationship between the brand and the consumer. After a career on the fashion and supply chain technology side of the business, now slaying franken-stacks and building retail tech!Includes music provided by imunobeats.com, featuring Overclocked, and E-Motive from the album Beat Hype, written by Hestron Mimms, published by Imuno.
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