Broader implementation across overall management at Shinsegae, Lotte, and others
Shinsegae Department Store’s AI-based hyper-personalized customer analysis technology, jointly researched with Seoul National University for about a year, has been accepted this month as a paper by the International Conference on Machine Learning (ICML), one of the world’s most prestigious AI conferences. This is the first time in the domestic department store industry that the outcome of industry–academia collaboration research has been listed at ICML. ICML is a world-class international academic conference where global big tech companies and leading university research teams present the latest AI technologies. The acceptance of this paper is highly significant not only in that Shinsegae Department Store’s AI technological capabilities have been recognized on the global stage, but also in that it has secured the technological capability to apply research成果 directly to the actual distribution field. The photo is a virtual image of the AI Sales Agent. Provided by Shinsegae Department Store.
The retail industry is accelerating its AI competition by expanding the application of artificial intelligence (AI) across overall management, from customer analysis and sales to partner management.
On the 23rd, Shinsegae Department Store announced that the “AI-based hyper-personalized customer analysis technology” it developed together with Seoul National University has been accepted as a paper by the International Conference on Machine Learning (ICML), an international AI conference. The “AI Ready Data” model developed by Shinsegae Department Store and Seoul National University processed 200 million online and offline shopping data records so that they can be utilized by AI.
Based on this, Shinsegae Department Store plans to introduce an AI analytical tool for business use, the “AI Sales Agent,” early next year. It will analyze data from sales sites in real time and propose products, events, and travel and cultural content. According to preliminary simulation results, applying AI-based personalized recommendation technology can increase average transaction value by up to 46%.
Lotte Department Store also unveiled on the previous day its AI agent “AI Biz Center,” which supports partner companies with store entry and consultation procedures. When an emerging brand enters its brand name, target customers, and product characteristics in conversational form, the AI drafts a proposal and analyzes the content to automatically connect it to the appropriate department in charge.
Kim Da-yeon
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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