Retail is a sector in terminal decline – at least according to the headlines. The closure of physical retail locations, the loss of retail jobs, and retail businesses entering administration combine to paint a bleak picture of a sector on the decline.
But is this really the case? 90% of worldwide retail sales still take place in a physical store, and retail revenues continue to grow by 4.1% year-on-year. Retail spend may be moving increasingly online, but there’s ample opportunities for retailers to take advantage of technology and continue to deliver for consumers.
AI is a significant opportunity for the sector because of this very reason. The rapidly growing growth in consumer AI adoption, combined with the development of new AI-optimised retail experiences and back-end processes, will empower retailers to drive new products and experiences to consumers through the intelligent use of data.
This free infographic brings together insights from industry leaders including Deloitte, Accenture, IBM, Couchbase, Business Insider, Ocado, Macy’s, and Amazon, to shine a light on the challenges ahead for AI in retail.
1. The Guardian, 2018. ‘85,000 jobs lost from Britain’s high streets as retailers feel the pinch‘
2. The Guardian, 2018. ‘No end in sight to UK high street retailers’ troubles
3. Deloitte, 2019. ‘Global Powers of Retailing 2019‘
4. Consultancy.uk, 2018. ‘Artificial intelligence offers $340 billion opportunity to retail sector‘
5. Accenture, 2018. ‘The changing consumer and the new definition of retail‘
6. Retail Touchpoints, 2018. ‘Teddy Lundgren, Retail CEOs All Agree: Personalization Is Paramount for 2018‘
7. IBM, 2018. ‘The coming AI revolution in retail and consumer products‘
8. Couchbase, 2018. ‘Couchbase CIO Survey‘
9. Business Insider, 2018. ‘The future of artificial intelligence in retail‘
10. AI Business, 2018. ‘Ocado CTO: AI is the one tech to rule them all‘