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“AI unlocks the ability to deliver on failed promises of the past,” said Standard AI CEO Jordan Fisher last week during his Collision Conference panel called E-Commerce and Experience: Reshaping Retail’s Future.
Over 36,000 attendees from over 118 countries descended upon Toronto to talk about all things tech — from its roots to its future. By all accounts, the prevailing theme this year was Artificial Intelligence. Execs from the most influential companies in tech talked about everything from ethical challenges to the possibilities for productivity.
Jordan spoke on the convergence of AI and computer vision, which presents an unprecedented opportunity to transform the retail industry by delivering high-touch experiences at scale and cost-effectively. Here are a few more takeaways from the panel:
“Data is dead.”
Jordan points out that just a few years ago, tech leaders called data “the new oil.” At that time, excellent machine learning required a great deal of data. “So that was your treasure trove, that was your defensive moat. And the biggest companies in the world had a massive advantage because they had a thousand times as much data,” said Jordan. The advent of powerful foundation models in AI has reduced the dependency on vast data, making AI accessible to a broader range of businesses. This democratization of AI empowers smaller companies to create innovative products. Critically, it addresses privacy concerns, as some products can be developed without collecting extensive customer data.
Metaverse Realaverse
The impact of AI and computer vision extends beyond the digital realm. Jordan pointed to Apple’s vision launch as an example of the AR and XR revolution, enabling retailers to deliver new experiences. Jordan describes this as “not the metaverse, but the realiverse,” emphasizing the goal to elevate the physical world through the power of AI and computer vision.
Taking The Future One Step at a Time
Jordan points out that the transformation won’t happen overnight; it’ll be a gradual process. We have a clear picture of the destination: AI and vision integrated everywhere, convenience at every turn, and mind-blowing high-touch experiences for everyone. The key to success lies in vendors who can guide retailers through the journey step by step, ensuring a return on investment.