Livetiles Ltd (ASX: LVT) is a global software company that 'empowers its users to drive their own intelligent workplace experiences'.
Today, the business launched RAISE, which stands for Retail Artificial Intelligence Solution, at the National Retail Federation 2018: Retail's Big Show in New York City.
RAISE has been designed to enhance retail experiences for both customers and staff, it will provide AI powered chatbots and analytics solutions for retailers and employees.
The software will aim to help with sales planning data, product profit margins, turnover statistics, customer trends, employee details, market & promotional information and performance analysis. All of this will be in one piece of software, not in several separate sectors.
The chatbot component provides a wide range of abilities, such as creating an 'intelligent' personal shopping assistant with just a few clicks, to allowing a store manager to ask how many staff are on the floor at a particular time.
Livetiles said that RAISE proactively delivers information across all these areas, meaning decisions once made on pure instinct and incomplete or outdated information can be made using accurate, real-time data. It should increase the speed to action while reducing costly errors.
The event runs from 14 to 16 January and will host more than 35,000 people and 18,000 retailers from around the world. LiveTiles and Microsoft will co-promote LiveTiles RAISE at the 3-day event.
LiveTiles CEO, Karl Redenbach, said "The coming together of LiveTiles and Microsoft products has the potential to completely revolutionise the retail experience for retailers and consumers within the next 12 months".
LiveTiles said that the artificial intelligence industry is expected to grow more than 20-fold between 2015 and 2014, from $126 billion in 2015 to a projected $3 trillion in 2024 and is expected to be significant to all areas of the retail industry in the future.
Foolish takeaway
Livetiles has an exciting future and it will be fascinating to see how the take-up of its products goes over the next few years. The key for most software companies is turning its exciting idea into revenue growth and profit in the future.
