How Walmart is Setting the Standard for AI Ethics

Prepare to dive into the intriguing world of artificial intelligence in retail and discover how it's changing the landscape of shopping as we know it. This episode uncovers the positive impact of AI technologies on customer service, supply chain optimization, and marketing strategies, highlighting how companies are leveraging data to understand consumer behavior better. Scott Benedict shares valuable insights into Walmart’s pioneering efforts in ethical data usage and AI, emphasizing the company's commitment to digital trust.

Explore thought-provoking discussions surrounding the balance between innovation and privacy. Learn how Walmart's Responsible AI Pledge sets ethical standards that safeguard user data while enhancing the shopping experience. Scott articulates the importance of transparency, security, and integrity, reinforcing the values that guide responsible technology usage and consumer trust.

Join us on this journey as we reflect on the potential of AI to revolutionize retail in a manner that not only benefits businesses but also respects the privacy and security of consumers. Let’s embrace a future where technology and ethics coalesce seamlessly. Subscribe, share, and join the conversation on how we can move forward responsibly in an ever-changing digital landscape!

Chapters

• 0:00 Introduction to AI in Retail
• 17:00 The Ethical Use of Data in Retail
• 30:00 Walmart's Responsible AI Commitments

Transcript

Speaker 1: 0:00

Hello everyone, I'm Scott Benedict. You know so much has been written and discussed within the retail community recently about artificial intelligence, or AI, and the number of ways it can positively impact our industry and enable better customer service for our customers for our consumers, if you will. Underpinning AI and other retail technologies is the sheer amount of data now available to us in the form of online and in-store browsing and buying behavior, social media posts, ratings and reviews data, as well as purchase data gleaned from credit or debit card transactions. For those of us that recall the early days of e-commerce, we remember when online retailers like Amazon pioneered the use of personalization technology aimed at taking online browsing and buying activity to understand an individual consumer's interests in a way that enabled more personalized product offers aimed at providing those consumers with products and services that more closely appealed to their needs and to their interests. Back then, there was much discussion and more than a little hand-wringing about how this consumer data was being utilized and what impact it might have on a consumer's privacy. Now, if you fast forward to today, an AI is seen as a way to not only improve online shopping, but also as a way to enhance product forecasting, supply chain optimization, the effectiveness of marketing activity, the staffing of retail stores, managing of online or last mile delivery, and so much more.

Speaker 1: 1:54

In the retail community, I've been proud to see some organizations step forward to not only unlock the business value of AI, but to also set ethical standards for its use. Walmart, for one, has stated publicly that in today's data-driven world, the responsible use of technology and of data is paramount for maintaining trust with stakeholders as diverse as their own associates, to customers, to the investment community. Walmart has said that they recognize their responsibility as a market leader and they have implemented comprehensive measures to ensure ethical practices in data management and in the innovation of technologies like AI. One of the things among the things that I found in the industry interesting is their digital trust commitments that serve as foundation for earning and maintaining customer trust. These commitments emphasize transparency, security and the ethical use of data that align to Walmart's core values that those of us who are former associates will very much recognize as service, excellence, integrity and respect for the individual the four basic beliefs that we were taught. Now, in addition to those commitments, a number of cybersecurity measures and an infrastructure necessary to keep data safe has already been put in place, and it's designed to minimize risk and to defend against cyber threats. This is a continuous effort and it's meant to ensure the protection of customers and company data and the integrity of systems.

Speaker 1: 3:42

In the area of responsible AI, walmart has established a responsible AI pledge. That I think is kind of neat. That centers around six commitments that outline how customers and how associates can expect Walmart to use AI responsibly throughout all phases and uses of that technology. The company is also committed to ethical data practices that shape the field of what they call digital trust. Customers should be able to rely upon the company's data to provide relevant products or services, to enhance the shopping experience and to innovate in ways that help them save money and live better.

Speaker 1: 4:26

Walmart's commitment and their marketing tagline. By adhering to these principles, walmart demonstrates its dedication to ethical data practices and for the responsible use of new technologies like AI and helping their customers. Every day, I've really been seeing that setting these standards of ethical use of modern technologies like AI is not only responsible but, in my view, shows leadership on an important topic in effect, one of the most important topics of our time. I'm glad that the retail community at large and specific retails we all know very, very well are really stepping up and leading the way by doing things the right way. That's what I've been thinking about. I'm Scott Benedict.