Cognizant announced the launch of Stores 360, a comprehensive retail solution designed to streamline store operations, enhance employee productivity and improve customer experiences. Developed in collaboration with ServiceNow, the solution leverages the Cognizant Neuro® AI platform and generative AI-powered Now Assist solution to support every touchpoint in the retail value chain, enabling frictionless and efficient operations. Retail has undergone a significant evolution in recent years.

The rapid shift to digital channels, customer experience transformation fueled by data and gen AI and increasing supply chain costs necessitate transformation of retail operating models. According to research by McKinsey and Co., retailers investing in advanced technology and mature operating models can provide approximately 2.2x greater returns to shareholders and drive 40-45% higher customer engagement and brand awareness compared to those who do not[1]. Cognizant's Stores 360 is designed to be a core enabler in achieving these results.

This collaboration with ServiceNow not only highlights the urgent need for innovation in retail but also emphasizes the potential transformative impact of integrated AI solutions tailored to enhance the in-store customer experience. Stores 360 can be scaled up in as little as four weeks and significantly reduce the time required to open new stores by 10-20%, cut store operating expenses by 30-40%, and ensure up to 98% uptime for all store systems and assets, thereby reducing truck rolls by up to 10 percent. Cognizant's Stores 360 endeavors to deliver these results by creating a store-centric associate experience, automation and workflows to realize cost efficiencies and top-line revenue growth.

The solution is designed to elevate retail store operations and improve frontline employee productivity and customer experience with integrated, automated, predictive and gen AI capabilities. The solution comprises three sub-offerings designed to enable retailers to adopt and prioritize based on business needs: new store opening, store management and store asset management. Stores 360 integrates retailers' ecosystems, bringing together store associates, managers, customers, HQ employees and field technicians on the platform to promote consistent, connected experiences across all channels.

Additionally, it facilitates new store openings and enhances daily tasks for store associates. Cognizant Neuro AI plays a key role in this process by recommending new store locations based on deep data analysis, including demographics, competition, complementary businesses, operational considerations and buying behaviors. The solution further leverages Cognizant IoT and retail service offering solutions for real-time insights, self-healing capabilities and more efficient field services management.