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Canadian retailers enhancing customer experience through generative AI, finds KPMG in Canada survey

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Retailers say they must invest in generative AI to compete, and many are already using it for fraud detection, inventory management and personalizing the shopping experience

TORONTO, May 24, 2024 /CNW/ – Canadian retailers are embracing generative Artificial Intelligence (AI) technology, with many integrating it into their organizations or planning to integrate in the near term to boost productivity, predict demand and offer personalized experiences to customers, new KPMG in Canada research shows.

In a recent survey of executives from 135 Canadian retailers across numerous sectors, more than eight in 10 respondents (81 per cent) said they must invest in generative AI to stay competitive, and 81 per cent agreed they need to shift to a generative AI operating model in the next 12 months to stay competitive.

Nearly four in 10 (38 per cent) said they already have a generative AI solution of some sort in place at their organizations, and another four in 10 (39 per cent) are planning to implement their first generative AI solution within the next six months.

The most common uses for generative AI among retail respondents include:

Detecting fraud by raising red flags for suspicious transactions (69 per cent)Predicting product demand, optimizing inventory levels (68 per cent)Offering personalized product recommendations in customer-tailored conversation styles (67 per cent)Powering product search engines by making it easier to understand customer search inquiries (67 per cent)Inbound and outbound Scheduling/Truckload Optimization (67 per cent)

“It is clear Canadian retailers see generative AI as critical to their futures,” says Kostya Polyakov, partner and national industry leader of KPMG in Canada’s Consumer and Retail practice. “The challenge is identifying use cases that add value to organizations since there are a myriad of ways retailers can use the technology to become more efficient, productive and profitable.”

“Generative AI is a natural fit for retail: it can personalize the customer experience, allow more precise forecasting and improve the supply chain. More than 80 per cent of Canadian retailers we surveyed will be utilizing the tech this year. For the 20 per cent not there yet, they face a huge competitive disadvantage that will only grow as those using it find more and more ways to leverage its powers. Generative AI is not something for the future – it is now table stakes for Canadian retailers,” adds Mr. Polyakov.

While uses of large language models will continue to grow, it will be important for Canadian retailers to adopt a responsible use of generative AI framework inside their businesses to ensure this technology is used responsibly.

Key survey highlights:

38 per cent of respondents have a generative AI solution already in place39 per cent are planning to implement their first generative AI solution in the next six months17 per cent are planning to implement generative AI in the next 12 months90 per cent agree generative AI is helping to or will help grow their company’s revenue and/or market share growth39 per cent expect generative AI to boost revenue by six to 10 per cent; 26 per cent see a 10 to 15 per cent per cent revenue boost; and 23 per cent see a three to five per cent gain42 per cent expect generative AI to improve sales return on investment (ROI) of between 10 to 20 per cent; 41 per cent expect a boost of between 6 to 10 per cent.

Nearly nine in 10 (86 per cent) respondents said generative AI can help to better inform their marketing campaigns and personalize shopping experiences for customers, and 88 per cent agreed the technology can create stunning visuals for product launches and reduce photography costs. However, nearly eight in 10 (78 per cent) expressed concern about how consumers would respond to AI-generated imagery, something Mr. Polyakov says retailers need to be mindful of in addition to the continually developing rules around intellectual property in light of generative AI.

“Consumers are increasingly using generative AI tools themselves, and many are savvy enough to be able to spot AI-generated material. Retailers need to think carefully about how they’re using the technology, because it could create reputational, legal and financial risks if not used properly and responsibly. Having proper guardrails and controls around the technology is a must,” says Peter Hughes, National Customer Experience Practice Leader, KPMG in Canada.

Generative AI in the supply chain

While respondents reported already using generative AI numerous ways in their organizations, less than half (46 per cent) have applied the technology within their supply chains, with 34 per cent of respondents planning to implement it in the future.

Of respondents using or planning to use generative AI in their supply chain, four in 10 (43 per cent) said their primary reason is to unlock prescriptive analytic capabilities for customer or sales order fulfillment, such as tapping in-house and external data to identify SKUs and make recommendations to category managers to adjust pricing, promotions, assortment, and delivery and provide mitigation options. Other major drivers include: the ability to analyze information across disparate systems (35 per cent); generating accurate sales predictions based on historical data, trends, seasonality (34 per cent); and inventory optimization (34 per cent).

“Generative AI has the potential to revolutionize supply chain management, logistics and procurement, but only if it’s underpinned by reliable, quality data – that’s where many organizations face challenges. Their data is not managed and organized in an optimal way,” says Mr. Polyakov.

Indeed, two-thirds of respondents said one of the main challenges to implementing AI is having non-validated, inaccurate data inputs, which, if used to train the large language models that underpin generative AI platforms, could potentially lead to “hallucinations” or inaccurate or misleading outputs. Seven in 10 (71 per cent) of respondents said their inability to access or leverage data is also a challenge in implementing generative AI.

“Retailers have access to enormous amounts of data – including customer data, sales data and supplier data to name a few – and that data can be leveraged for using generative AI. But to make that data useful for a generative AI system, retailers must make sure it’s clean, organized and structured. That’s a crucial part of any successful generative AI implementation,” Mr. Polyakov adds. 

About the survey

KPMG in Canada surveyed executive level C-suite decision makers at 135 Canadian retail companies, using Sago’s premier business research panel. The survey was conducted between April 30 – May 6, 2024. Thirty per cent of the companies surveyed have annual gross revenue between $400 million to $599.9 million; 23 per cent have $1 billion or more; and 21 per cent have between $200 million and $399.9 million. No respondents under $200 million in annual revenue were included in the survey. Twenty-nine per cent are in the grocery and supermarket sector, 22 per cent are in the health, beauty and drug sectors and 17 per cent are in the clothing and accessories sector. Thirty-seven per cent are based in Ontario, 24 per cent in Quebec, 10 per cent in B.C, and nine per cent in Alberta. The remaining respondents are from other regions across Canada.

About KPMG in Canada

KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs more than 10,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada’s top employers and one of the best places to work in the country. 

The firm is established under the laws of Ontario and is a member of KPMG’s global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. For more information, see kpmg.com/ca 

For media inquiries:
Alannah Page
National Communications and Media Relations
KPMG in Canada
(306) 934-6255
alannahpage@kpmg.ca 

SOURCE KPMG LLP

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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September 20, 2024

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style

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September 20, 2024

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BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.

The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide.  According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists.  However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.

“Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc.  This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.

Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.

Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.

“Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.

The Halal Route application is free to download on both iOS and Android systems.

Read the full article at https://www.chula.ac.th/en/highlight/185916/  

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SOURCE Chulalongkorn University

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QR Code Labels Market Size to Grow USD 1339.1 Million by 2030 at a CAGR of 5.6% | Valuates Reports

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September 20, 2024

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BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — QR Code Labels Market is Segmented by Type (Flexographic Printing, Digital Printing, Offset Gravure), by Application (Inventory Management, Marketing & Advertisement, Mobile Payments, Personal Use): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global QR Code Labels Market was valued at US$ 889.2 million in 2023 and is anticipated to reach US$ 1339.1 million by 2030, witnessing a CAGR of 5.6% during the forecast period 2024-2030.

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Major Factors Driving the Growth of QR Code Labels Market:

The QR code labels market is experiencing robust growth due to the increasing adoption across sectors like retail, logistics, marketing, and payments. The convenience, versatility, and cost-effectiveness of QR code labels, combined with the rise in mobile phone usage and the shift toward contactless technologies, are key drivers of this growth. Industries are leveraging QR codes for diverse applications such as inventory management, mobile payments, and marketing campaigns. However, concerns about data privacy and security may limit widespread adoption in certain regions.

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TRENDS INFLUENCING THE GROWTH OF THE QR CODE LABELS MARKET:

 Flexographic printing holds the largest share in the QR code labels market due to its high-speed production capabilities and cost-effectiveness for large print runs. Flexographic printing is particularly popular in sectors like retail and logistics, where large quantities of QR code labels are required for packaging and inventory management. Its ability to print on a wide range of substrates, including paper, plastic, and metallic foils, makes flexographic printing the preferred choice for high-volume, cost-efficient QR code label production, driving its dominance in the market.

Digital printing is the second-largest segment, known for its flexibility, quick turnaround times, and ability to produce short print runs cost-effectively. This technology is widely adopted in the marketing and advertising sectors where businesses need customized QR code labels for targeted campaigns and promotions. Digital printing offers high-quality, precise printing for small batches, allowing companies to personalize QR codes for specific audiences or events. The growing trend of personalization in marketing is significantly driving the demand for digital printing in the QR code labels market.

Inventory management is the largest application segment, as QR code labels simplify tracking and monitoring products in warehouses, retail stores, and logistics chains. QR codes allow for real-time updates and easy access to product details, making inventory management more efficient. Businesses, especially in e-commerce and logistics, rely on QR codes to reduce human errors, improve accuracy, and streamline operations. As global trade and e-commerce continue to grow, inventory management remains the largest driver of the QR code labels market.

QR codes in marketing and advertising are increasingly popular as brands use them to engage customers directly through digital content. By scanning a QR code, consumers can access websites, videos, promotions, and other interactive media, enhancing brand interaction. This trend is particularly strong in retail and consumer goods sectors, where QR codes are used in packaging, billboards, and digital campaigns. With more consumers using smartphones, QR codes have become a key tool in marketing strategies, driving growth in this application.

The use of QR code labels for mobile payments is rapidly expanding, especially in regions like Asia-Pacific, where cashless transactions are becoming the norm. QR codes provide a secure, contactless payment solution, and their integration with mobile wallets makes them convenient for both consumers and businesses. The pandemic accelerated the shift to contactless payments, and the trend is expected to continue as more businesses adopt QR code-enabled payment systems. This rising trend is a significant factor contributing to the growth of the QR code labels market.

QR code labels are also being increasingly adopted for personal use, particularly in the context of social networking, personal branding, and event management. Individuals are using QR codes to share contact information, social media profiles, or event details. The ease of generating and sharing QR codes through mobile apps has made this technology accessible for personal use. As digital interaction becomes more integrated into daily life, personal use of QR code labels is expected to grow, further expanding the market.

The production of QR code labels, particularly in large quantities, is increasingly being scrutinized for its environmental impact. Companies are looking for sustainable printing solutions, such as eco-friendly inks and biodegradable materials, to reduce the environmental footprint of label production. Flexographic and digital printing technologies are evolving to meet these demands, with manufacturers investing in greener alternatives. The shift towards sustainability in label production is expected to shape the future of the QR code labels market.

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QR CODE LABELS MARKET SHARE

The Asia-Pacific region dominates the QR code labels market, driven by the widespread use of QR codes for mobile payments and inventory management, particularly in China and Japan. North America follows, with increasing adoption in retail, marketing, and healthcare. Europe is also a key market, driven by the rising demand for contactless payment solutions and digital marketing initiatives. The Middle East and Africa are emerging markets, especially in mobile payments and product traceability applications.

Key Companies:

Lintec CorporationCCL IndustriesPacktica SDNLabel LogicHibiscusData LabelAdvanced LabelsCoast Label CompanyLabel ImpressionsConsolidated LabelAvery

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

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Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

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