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Most US shoppers are encountering generative AI while shopping without realizing it

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 A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it41% of customers say they would feel comfortable using a generative AI tool from a brand they trustMost customers are optimistic about the impact of generative AI, saying they would provide relevant personal data in exchange for meaningful generative AI personalizationMore than 50% said the biggest negative impacts to user experience are inaccurate product information and obvious errors

NEW YORK, Nov. 13, 2024 /PRNewswire/ –Generative AI continues to change the retail industry, enhancing customer interactions by providing personalized, efficient, and engaging shopping experiences. Yet many shoppers don’t realize when they are encountering it. A Bain & Company survey of 700 online shoppers in the US found 71% of consumers say they are not aware of having used generative AI in their online shopping even though most have recently shopped with retailers where they are likely to have encountered it. But despite low awareness, customers are optimistic about the impact of generative AI, with roughly half seeing significant or transformative potential and many willing to provide personal data for better personalized recommendations.

The potential risk of generative AI turns out to be less a barrier to usage than expected. Respondents say their top reasons for not using generative AI tools while shopping online are because they’re satisfied with current methods (47%) and don’t see the need for new tools (39%). Just 22% said it’s because they don’t trust generative AI tools.

“The online shopping experience has been so finely tuned over the past couple decades that retailers’ near-term generative AI priorities should be about complementing existing shopping habits, rather than replacing them,” said Merritt Robinson, partner and global head of design for the Bain Innovation & Design team. “It’s about enhancing, not disrupting, shopping flows. It may be somewhat counterintuitive, but this includes moving beyond some of the more explicit tools, like chatbots, to more passive solutions, such as summarized reviews on product pages. Much of the magic will then come from more proactive solutions, such as personalized content, tone of voice, and anticipatory service in customer interactions. Generative AI will help retailers stay in touch in more natural and helpful ways.”

Generative AI may hold new potential for customer data collection
Bain’s research suggests customers understand generative AI’s potential to personalize their experiences and that because of that, they’re more willing to exchange data for better personalized recommendations than they might have been in other contexts.

Most shoppers say they would be willing to share data on personal interests, such as hobbies and favorite products, and demographics. In exchange, customers say they expect generative AI to help with the discovery and decision-making phases of their purchasing journey, specifically by finding products aligned with their timing, context, past purchases, and preferences.

Building and maintaining shopper trust is essential
Retailers are asking customers to join an experiment, so building and maintaining trust is essential. Brand reputation goes a long way: 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

Generative AI is still subject to hallucinations though, and these kinds of mistakes erode trust. More than half the customers we surveyed say the biggest negative impacts to user experience are inaccurate product information (56% say it’s very or extremely negative) and obvious errors (57%). This is yet another reason to be transparent with customers about experimental uses of generative AI and to lean into passive applications, which can be more closely controlled.

“Generative AI provides a bridge to a more interactive and personalized retail experience,” said Mikey Vu, partner and head of Bain’s Retail AI practice. “Some executives are understandably concerned about its tendency to deliver inaccurate information and the impact that can have on customer relationships. That’s why careful and thoughtful product design is pivotal. Setting expectations is key: ‘should generative AI be perfect, or should it be reliably better than today’s experience?’ In practice, we’ve actually seen generative AI’s customer responses be more accurate, on average, than those from human agents. Retailers who prioritize trust, transparency, and adaptability will unlock new levels of engagement and loyalty among their customers.”

Editor’s Note: For more information or to arrange an interview, please contact: Katie Ware, Bain & Company, tel. +1 646 562 8107, email: katie.ware@bain.com.

About Bain & Company

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future.

Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.

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Orion Innovation Names Brian Bronson Chief Executive Officer

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November 15, 2024

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Technology Industry Executive and Leader to Drive Next Phase of Company Growth

EDISON, N.J., Nov. 15, 2024 /PRNewswire/ — Orion Innovation (“Orion”), a leading digital transformation and product development services firm, today announced the appointment of Brian Bronson as Chief Executive Officer, effective immediately. With over 25 years of leadership experience across global technology sectors, Bronson will lead Orion’s next phase of growth and transformation, focusing on expanding the company’s digital capabilities and market presence. Brian succeeds Raj Patil, who will transition to an advisory role with the company and One Equity Partners.

“Brian’s impressive track record of driving profitable growth and leading large-scale organizational transformation makes him the ideal leader for Orion’s next chapter,” said Carlo Padovano, Partner at One Equity Partners and Lead Director of Orion Innovation. “His deep expertise in product engineering, GenAI adoption, and digital transformation perfectly aligns with our vision for Orion’s future.

On behalf of the Orion Board, I’d like to thank Raj for his leadership and dedication in helping develop Orion into a market leader. Raj will transition to an advisory role with the company and One Equity Partners.”

“I’m honored to take on this role and excited about the tremendous opportunities ahead for Orion,” said Bronson. “The company has built an impressive foundation with a blue-chip roster of clients, a global delivery platform, and a talented team with deep domain and engineering expertise. I look forward to working closely with our employees, clients, and partners as we deliver transformative solutions to our clients, drive innovation, and scale our capabilities.”

Before joining Orion, Brian served as EVP of US Telecom, Media, and Entertainment at Capgemini. Additionally, he led the integration and execution of Capgemini’s global engineering services business across the Americas and Asia. This included driving growth in many industries leveraging innovative capabilities tied to 5G, connectivity, and software product engineering. Previously, as President & CEO of Radisys, a leading provider of open telecom solutions, he led the company’s strategic transformation from a hardware company to a provider of cutting-edge software and enabling technologies for the telecom, technology, and medical industries. This transformation culminated in the sale of Radisys to Reliance Industries in 2018, marking a successful exit for the company.

About Orion Innovation

Orion Innovation (“Orion”) is a leading digital transformation and product development services firm. Rooted in engineering and design thinking, along with a unique combination of agility, scale, and maturity, its team of approximately 6,400 associates helps Fortune 1000 companies improve efficiencies, enhance customer experiences, and develop new digital offerings. Through its delivery centers in North America, EMEA, India and Latin America, Orion serves clients across Telecom, Media & Technology, Sports & Entertainment, Professional Services, Financial Services, and Healthcare industries. For more information, visit www.orioninc.com. 

About One Equity Partners

One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

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Morrison Securities launches one of Australia’s first plug-and-play global trading to 15 countries with ViewTrade

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November 15, 2024

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Equities clearing business Morrison Securities (“Morrison”) is launching one of Australia’s first plug-and-play global trading to 15 countries with trading technology provider ViewTrade.

This will mean Morrison’s 38,000+ active clients trading $30 billion annually will only need to go through KYC once and then will be provided unprecedented rapid global trading access.

Morrison will now also offer enhanced global equity and options trading, fixed income, ETFs, seamlessly integrate domestic and global trading, and choice between fully disclosed or omnibus operating models.

ViewTrade has calculated that implementation of solutions like this across all of Australia’s global trading could generate efficiencies of nearly $240 million annually.

A business the size of Morisson launching this solution is a watershed moment for enhancing global opportunities for Australia’s wealth management sector, according to ViewTrade.

Nigel Singh, CEO of ViewTrade International Australia, said: “We are excited to work with Morrison Securities. Together, we are unlocking a world of investment opportunities for Australians. By accessing global markets, firms can offer their clients more diversified portfolios, reducing risk and protecting wealth. This benefits both domestic and international clients. We invite other firms to join us in this partnership and unlock the potential of global market access.”

William Slack, CEO of Morrison Securities, said: “We’ve designed a solution that integrates global market access into our domestic offering for a superior customer experience. With our combined expertise, we’re confident in delivering an efficient, scalable solution tailored to the specific needs of our clients.”

Laksh Gangwani, Chief Revenue Officer – APAC and Middle East at ViewTrade, added: “We are thrilled about the partnership with Morrison Securities as they launch one of Australia’s first plug-and-play global trading solutions to 15 countries. Morrison’s integrated approach to technology, compliance, and operations is enabling investors to complete KYC once, while accessing multiple markets and asset classes with ease. This will ensure Australian investors can build diversified international portfolios with ease.”

ViewTrade (www.viewtrade.com) is a global leader in investment and trading infrastructure solutions that power cross-border investing for financial services firms throughout the world. ViewTrade provides the technology, support, and brokerage services that business innovators need to launch or enhance retail investing experiences. For more than 20 years, ViewTrade has partnered with over 300 clients – from technology startups to large banks, brokers and advisors – to deliver innovative investment solutions and exceptional customer service.

Morrison Securities (https://www.morrisonsecurities.com/) Established in 1985, Morrison Securities is an Australian Broking firm specialising in trading, execution, and clearing services tailored to advisory firms and wholesale clients. They partner with firms to navigate operational challenges and help them realise their full potential. Their comprehensive suite of solutions covers seamless international market access, advanced equities and options trading, capital raising and DVP settlement services, integrated APIs, and stock lending. With a platform-agnostic approach and enterprise-level client service, they prioritise operational excellence and long-term partnerships.

 

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SOURCE ViewTrade

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Australia’s least-favourite chores just got easier with Roborock’s Black Friday & Cyber Monday deals

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November 15, 2024

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Roborock, the global best-selling robot vacuum brand[i], is thrilled to announce its exclusive deals for Black Friday and Cyber Monday 2024.

Starting from 21 November to 4 December 2024, Roborock is offering significant discounts on a wide range of popular models, with savings of up to $700 – including popular models such as the S8 MaxV Ultra, Qrevo MaxV, Q8 Max+, Qrevo Master, Qrevo S, and Flexi Pro.

In a recent survey conducted across Australia, Roborock found that 27% of Australians would happily skip cleaning their floors forever, with many Aussies also admitting to neglecting high-maintenance tasks such as vacuuming, mopping, and appliance cleaning. With these cleaning challenges in mind, Roborock is offering unbeatable savings on popular models across Black Friday and Cyber Monday, with savings of up to $700.

The deals are available at Robrock Australia’s Official Online Store, Roborock’s Amazon storefront and all authorised retailers.

 Black Friday & Cyber Monday Deals

S8 MaxV Ultra – (SAVE $700) – MSRP $2,999 / Promo: $2,299The S8 MaxV Ultra is the company’s most powerful one-stop cleaning solution, combining the company’s most sophisticated deep cleaning technology with user-friendly features. The model introduces a unique robotic arm and an extra mop that efficiently cleans challenging areas with complete corner cleaning capabilities. Newly launched.Qrevo Master – (SAVE $700) – MSRP $2,699 / Promo: $1,999Newly launched and the most advanced model in the mid-range Qrevo series, the Qrevo Master is built for those who seek top-of-the-line cleaning technology at a mid-range price point. With high-powered suction, deep corner cleaning capabilities, and complete self-maintenance features, it’s designed to tackle the toughest cleaning challenges effortlessly.

Qrevo MaxV – (SAVE $700) – MSRP $2,199 / Promo: $1,499Offers users a complete hands-free floor cleaning experience at the mid-range price point, taking both vacuuming and mopping off your plate while combining powerful cleaning functions, self-maintenance capabilities, and intelligent features such – as pet recognition from flagship models – into one convenient cleaning package.

Qrevo S – (SAVE $400) – MSRP $1,499 / Promo: $1,099Newly launched, the Qrevo S is ideal for those looking for their first robot vacuum that excels at both vacuuming and mopping with self-maintenance features. It blends cleaning performance with a streamlined design for everyday cleaning.

Q8 Max+ – (SAVE $500) – MSRP $1,299 / Promo: $799The Q8 Max+ delivers high-performance cleaning with enhanced navigation and automatic dirt disposal. It’s equipped with powerful suction and a flagship roller brush system making it perfect for homes with mainly hard floors, ensuring a deep and thorough clean.

Flexi Pro – (SAVE $300) – MSRP $999 / Promo: $699 (Available starting 14th November)The Flexi Pro is a versatile handheld vacuum option designed for deep floor cleaning and tight spaces. Capable of handling both wet and dry messes, and the ability to clean itself after every clean-up, the Flexi Pro tackles all types of messes with ease.

According to Roborock’s recent survey, garages are the dirtiest spaces in Australian homes, with 46% of respondents admitting they need more attention. Other problem areas include bathrooms (41%), kitchens (38%), and even kids’ playrooms (32%). Given the demands of busy lives, it’s easy to see why some chores fall through the cracks.

With these exclusive Black Friday and Cyber Monday offers, Roborock makes it easier than ever for Aussies to maintain a clean and comfortable home – without the hassle. Whether it’s tackling neglected garages, high-traffic kitchens, or hard-to-reach corners in the bathroom, Roborock’s innovative products are ready to take on the task.

For more information on Roborock products, please visit https://au.roborock.com  

-ENDS-

Notes to Editors: 

The Roborock survey was conducted by TGM Research and involved 1,028 nationally representative respondents across Australia. The survey aimed to understand the cleaning habits, preferences, and challenges faced by Australians ahead of the launch of Roborock’s Qrevo Master, Qrevo S and H5. 

About Roborock     

Roborock is a leading smart cleaning brand renowned for its intelligent cleaning solutions. With a steadfast dedication to becoming a global leading smart appliance player, Roborock enriches liveswith its innovative line of robotic, cordless, wet/dry vacuum cleaners, and washer-dryers. Rooted in a user-centric approach, our R&D-driven solutions cater to diverse cleaning needs in over 15 million homes across 170+ countries.  Headquartered in Beijing and with strategic subsidiaries in key markets, including the United States, Japan, the Netherlands, Poland, Germany, and South Korea, Roborock is dedicated to elevating its market presence worldwide. For more information, visit https://au.roborock.com/.    

[i] [1] The data comes from Euromonitor International (Shanghai) Co., Ltd. The sales figures of robotic vacuum cleaners worldwide in the first three quarters of 2023 (in RMB hundred million) were used for calculation. Roborock ranks first in the industry. Robotic vacuum cleaner refers to vacuum cleaners that automatically move around rooms using sensors to clean floors. The research was completed in February 2024.

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SOURCE Roborock

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