Artificial intelligence is the buzz phrase du jour, but what does it mean for retailers and how can it be harnessed to drive meaningful business transformation?
Retail Week’s latest white paper, produced in association with ecommerce personalisation solution provider Nosto, seeks to answer these questions.
AI is forecast to boost UK GDP by 10%, or as much as £232bn, by 2030, according to a report published by consultancy PwC.
And the tech is predicted to deliver a 59% boost in profitability for UK wholesale and retail businesses by 2035, according to consultancy Accenture.
The opportunity for UK retail is significant and retailers cannot afford to be in the dark about the potential for AI to transform strategies, reduce costs and drive profits.
The opportunity for UK retail is significant and retailers cannot afford to be in the dark about the potential for AI to transform strategies, reduce costs and drive profits
However, retail is arguably further behind the more AI-mature sectors such as financial services, where it has long been used around mortgage decisions, credit ratings and telecoms, where it is used to determine which bundles to give to customers.
So how can retailers better capitalise on this transformative tech and not just catch up with but lead other industries?
Our white paper, Demystifying AI: How data science will transform retail, is here to help retailers understand the technology and its potential to revolutionise retail.
- How to assess the opportunity: find out what AI is and what it does
- Where to invest: from digital assistants, to visual search and supply chain
- Strategies to overcome hurdles: how to drive transformation