  By: Bennie Randall / Vonoi Digital Every year, New York City hosts one of its most beloved cultural events: the Museum Mile Festival. This annual celebration transforms a stretch of Fifth Avenue, known as the "Museum Mile," into a vibrant, car-free thoroughfare filled with art, music, and community spirit. The festival offers free admission to some of the world's most renowned museums and brings together locals and tourists alike to enjoy an evening of cultural enrichment. The Museum Mile is a section of Fifth Avenue running from 82nd Street to 110th Street on Manhattan's Upper East Side and East Harlem. This 28-block stretch is home to some of the most prestigious cultural institutions in the world, including: The Metropolitan Museum of Art
 Free Museum Admissions: During the festival, all participating museums open their doors free of charge from 6:00 PM to 9:00 PM. This provides a unique opportunity for people to explore exhibits they might not otherwise see, making art accessible to everyone regardless of their economic means.
Outdoor Art and Entertainment: Fifth Avenue is closed to vehicular traffic, allowing pedestrians to stroll freely between museums. The street comes alive with live music performances, art installations, and activities for all ages. Local artists often display their work, and interactive art stations encourage attendees to unleash their creativity. Cultural Performances: From jazz bands and classical ensembles to dance troupes and theatrical performers, the festival showcases a wide range of artistic expressions. These performances celebrate the cultural diversity of New York City and contribute to the festive atmosphere. Family-Friendly Activities: The festival is designed to be inclusive, offering numerous activities tailored for children and families. Face painting, chalk drawing on the sidewalks, and craft workshops are just a few of the interactive options available. The Museum Mile Festival is more than just an event; it's a celebration of art, culture, and community spirit that embodies the very essence of New York City. Whether you're an art enthusiast, a casual museum-goer, or someone looking for a unique cultural experience, the festival offers something for everyone. Mark your calendar for this extraordinary celebration, and become a part of a cherished New York tradition.
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 By: Bennie Randall Jr Faraday is a unified data and AI company that predicts customer behavior. They use data on all US adult consumers, obtained from major data brokers, to help brands build predictive models and personalize their content. The company was created 10 years ago by founders who initially focused on the clean energy space but expanded to serve various industries. In the next five years, Faraday aims to be a leader in responsible and transparent AI, ensuring that their models are equitable and free from biases. Their AI is trained on opt-in permission data from US consumers and is customized for each brand they work with. To learn more, visit Faraday.ai. VM: Hello Mr. Dave so tell us about your company? Dave Small: Yeah, so Faraday is a unified data and AI company that's purpose-built to predict customer behavior. So we predict things like product recommendations, next best purchase, high lifetime value customers, who's likely to subscribe to your service or your product, who's likely to churn and stop buying. The way that we do that is we come preloaded with data on all US adult consumers, about 270 million people, 1500 attributes that we get working with all the major data brokers. So it's all opt-in, permissioned, responsibly sourced data, and we make that really easy for a brand to combine their customer purchase data and order data with that graph, they get their own version of our data plus their data that they can use then to build predictive models so they can figure out all these next... "What are my customers going to do next? How should I personalize my content? How should I segment not just on what they did in the past, but what they're likely to do in the future?"  VM: Now why was this company created? Who started it and why is it so necessary right now? You've been around for 10 years, correct?
Dave Small: Yes, We have been around for 10 years. So our founders, Seamus and Andy, and Robbie Adler, this is their second company actually, and they got started in the clean energy space. So 10 years ago we had all these solar companies popping up, all these clean tech companies and they were trying to figure out who they should be targeting. And so they started going out and building the database of households and customers who would look good for these companies. Then we found out that banks wanted the same kind of technology and same kind of data and retailers and insurers and all these different kinds of brands. So we basically built this very comprehensive graph of consumer data and property data and started to layering on machine learning and AI techniques on top of that to deliver these predictive models. So it started as this kind of white glove approach, and then we turned it into a fully API-based software platform that marketers and product folks can use and engineers can build against. VM: Since we're in this AI phase, and we're clearly in the beginning of it, where do you see your company in the next five years from now? Dave Small: Yeah, it's a great question. We have really established a strong track record in the responsible and transparent AI space. So our system is not a black box. You can see exactly what our system is doing. Within our system, you can make sure that models are not skewing along protected classes, race, gender, sexual identity, things of that nature. So you can actually make sure that the models that you're building, maybe your customer file has historical biases in it, and you can actually mitigate and make those models more equitable with our platform. And so that's an area that we're doing a lot of leadership in to make sure that AI is not going to repeat the wrongs of the past especially in protective industries like insurance, banking, and real estate where we work. We really want to make sure that we can not only do good by the clients that we work with, but their end customers. So I think in the next five years we're increasingly seeing a lot of talk around responsible AI, but talk is one thing and really building that into product is another thing. And so we'll be a leader in that space. VM: The million-dollar question many of our readers often ask, Who is teaching your AI? Dave Small: Our models are trained off of this consumer file that we have. So it's all this opt-in permission data on US consumers that we're getting from the major data brokers, and that every model is built specifically for the brand we work with. So it's their customer file. So the models learned from what our customers do. Boll & Branch, for example, this direct to consumer home goods brand, our models are trained just for them on their data plus all our data. It's not a broad system. Everyone gets a model that's unique to what they're trying to do and what their customers look like, and so it's not going rogue or anything. It's very much confined to the business outcomes that our brands are looking for. VM: Where can our readers locate you online? Dave Small: Faraday.ai Vonoi Magazine Vonoimag.com  Bennie Randall Jr. / Vonoi Staff Writer As we navigate through 2024, the retail landscape continues to evolve at a rapid pace. The rise of e-commerce, accelerated by the COVID-19 pandemic, has reshaped consumer behavior and set new standards for convenience and accessibility. However, contrary to predictions of a retail apocalypse, brick-and-mortar stores, particularly small businesses, are finding innovative ways to survive and even thrive amidst the dominance of online sales. The Current Retail LandscapeRetail sales in 2024 show a dynamic interplay between online and offline channels. According to recent industry reports, e-commerce sales have grown by approximately 15% year-over-year, now accounting for nearly 30% of total retail sales. While this marks a significant shift, physical stores still capture a substantial portion of consumer spending, indicating their enduring relevance. Brick-and-mortar stores offer tangible benefits that online platforms struggle to replicate, such as immediate product availability, personalized customer service, and the sensory experience of shopping in a physical space. Small businesses, in particular, are leveraging these strengths to carve out their niche in the competitive retail market. Embrace Omnichannel Retailing: Successful small businesses are adopting omnichannel strategies, seamlessly integrating their physical and online presences. By offering services like buy online, pick up in-store (BOPIS), and facilitating easy returns at physical locations, they provide the convenience of online shopping while drawing customers into their stores. Enhance Customer Experience: The in-store experience is a key differentiator for brick-and-mortar retailers. Small businesses are focusing on creating unique, memorable experiences that attract customers. This includes personalized service, interactive product demonstrations, and hosting events or workshops that build community and brand loyalty. Leverage Local and Community Connections: Small businesses have the advantage of deep local ties. They are capitalizing on this by emphasizing locally sourced products, collaborating with other local businesses, and engaging in community events. This local focus resonates with consumers who value supporting their local economy. Invest in Technology: Integrating technology into the retail experience can enhance efficiency and appeal to tech-savvy customers. Implementing point-of-sale systems that track inventory in real-time, offering mobile payment options, and utilizing data analytics to understand customer preferences are ways small businesses are staying competitive.  Focus on Sustainability: With growing consumer awareness around environmental issues, small businesses that prioritize sustainability are gaining a competitive edge. Practices such as reducing packaging waste, sourcing eco-friendly products, and implementing recycling programs attract conscientious consumers.
Build Strong Online Presence: While physical stores are crucial, having a robust online presence is equally important. Small businesses are investing in user-friendly websites, engaging social media content, and targeted digital marketing campaigns to drive both online and offline traffic. Offer Personalized Services: Personalization is a powerful tool in retail. Small businesses can leverage customer data to offer tailored recommendations, exclusive deals, and personalized communication, enhancing customer loyalty and satisfaction. Adapt to Consumer Trends: Staying attuned to evolving consumer trends is essential. This means keeping up with shifts in consumer preferences, such as the demand for wellness products, tech gadgets, or home improvement supplies, and adapting inventory accordingly. Training and Empowering Staff: Well-trained, knowledgeable staff can significantly enhance the shopping experience. Investing in employee training ensures that staff can provide expert advice and exceptional service, making customers more likely to return. Utilize Data and Analytics: Small businesses are increasingly using data analytics to understand customer behavior, optimize inventory, and tailor marketing efforts. This data-driven approach helps in making informed decisions that enhance efficiency and profitability. The Path ForwardIn 2024, small brick-and-mortar businesses are proving their resilience and adaptability. By embracing technology, enhancing customer experiences, and leveraging their unique strengths, these businesses are not only surviving but thriving in an era dominated by online sales. The synergy between physical stores and digital channels is creating a balanced retail ecosystem where both can coexist and flourish. The future of retail is not solely digital; it's a harmonious blend of online convenience and offline experience. Small businesses that recognize and adapt to this reality will continue to play a vital role in the retail landscape, offering consumers the best of both worlds. Vonoi Magazine |
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