Despite AI being all the rage in retail right now, 74% of UK consumers believe no matter how good it becomes at improving customer experience (CX), there will always be a role for human interaction in the sector, according to new research from Retail Technology Show, which takes place on 24th and 25th April at London’s Olympia.
A survey of over 1,000 Brits revealed that 25% agree AI is improving their shopping CX.
And a further 44% say they don’t mind if retailers use it in their buying journeys, as long as the experience is positive.
However, there are still deep reservations around the impact of the technology on consumers and the retail industry overall.
While the Business of Fashion and McKinsey State of Fashion survey of global fashion executives found that 73% of respondents said Gen AI will be an important priority for their businesses in 2024, there is work to do to allay consumer concerns with 69% of respondents polled by RTS wanting retailers to do more to build trust when using AI in their shopping experiences.
Get ready to be spellbound as we introduce more of our Retail Wizards for the upcoming Retail Technology Show on April 24-25 at Olympia London! 🚀Guess what? It’s all FREE! 🎉 Secure your spot and be part of the retail revolution! -: https://t.co/awQuMImgIv] pic.twitter.com/qx7Expt35P
— The Retail Technology Show (@RetailTechShow) February 1, 2024
74% of UK consumers say brands should be transparent when using it in their buying journey, with a similar number (72%) demanding retailers spell out their governance policies and procedures for use with customers.
Two fifths of shoppers are mistrustful of retailers’ and brands’ use of AI – increasing to 41% of Gen Z, countering the narrative that only older consumers are reluctant around this nascent technology.
Consumer concerns are more wide-ranging than just the potential personal impact of AI.
53% of respondents believe it risks stifling creativity within the retail sector, while a further 70% say AI will risk retail jobs within the industry which, according to Centre for Retail Research, already saw 120,000 jobs lost in 2023.
Yet, despite these challenges, 73% of UK shoppers polled by RTS also felt that despite the fast-paced adoption of AI, human roles will always be needed in retail.
Matt Bradley, Event Director at Retail Technology Show, comments: “There’s no doubt 2023 was the year that Generative AI (Gen AI) exploded into the consumer psyche, increasing shoppers’ awareness of the use of AI, both in their personal lives as well as when interacting with businesses and in their shopping journeys. “
“And while AI’s mainstream use in retail is quickly accelerating, the proliferation of products and tools that came to market last year, alongside the level of further investment, signpost AI as one of the key transformative and disruptive technologies to watch as we look to the year ahead.”
Having worked as a speechwriter and advisor for Larry Page and Sergei Brin, Mark Zuckerberg and Elon Musk’s SpaceX, RTS headline speaker, Dex Hunter-Torricke, will be discussing the impact of Gen AI and how the retail industry can make sense of what he sees as a major opportunity.
Speaking to Customer Whisperer, Kate Hardcastle, on the Headline Stage on day one, Hunter-Torricke will outline the AI lessons he has learned from working at Google, DeepMind, Meta and SpaceX and discuss the real-life applications and benefits, its potential to disrupt the industry and what retailers need to understand from a risk, compliance and copyright perspective.
Also on the Headline Stage, speakers from John Lewis & Partners, Morrissons, B&Q and Aptos Retail will join a panel discussing how retailers can increase competitive advantage by embracing the AI revolution.
View Original Article
