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A deep dive into AI's impact and potential
We surveyed 100 of the top UK retailers, uncovering insights into how Artificial Intelligence (AI) is reshaping the retail landscape. In this report, we delve into our research findings, shedding light on the dynamic realm where optimism meets ambiguity and innovation grapples with complexity.
High Optimism in AI adoption
This report unveils the nuances shaping the future of retail in the AI-driven era – where enthusiasm meets complexity and provides an insight into how retailers are using AI to drive efficiency, innovation, and growth.
Perran Jervis, Head of Retail
Retail Agility Navigating the next AI frontier in retail
Get a full understanding of the insights, legal and regulatory challenges, strategies, and opportunities for leveraging AI in the retail industry.
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Our research indicates that although experimentation with AI is widespread among retailers, only a mere 6% claim extensive usage.
Supply chain management and logistics lead in AI adoption, trailed by customer service and support, as well as marketing and advertising.
How are retailers using AI?
Efficiency and cost savings, improved customer experience and personalisation, and the competitive need to remain technologically up-to-date are the primary drivers behind AI adoption among retailers.
In what areas has your organisation already adopted AI?
Customer service
20
Marketing
Supply chain
17
Product development
13
Workforce management and HR
9
Product labelling
13
Compliance
23
33
Figures are represented as percentages.
Efficiency and cost savings
What are the primary drivers to AI adoption?
1
2
Improved customer experience and personalisation
3
Competitive need to remain technologically current
4
Anticipated ROI form AI investment
5
Availability of AI talent
Grocery
Fashion
Home
Lifestyle
80%
85%
72%
79%
We uncovered a prevailing sense of optimism among the UK’s top 100 retailers about the acceleration of AI adoption.
The findings suggest that beneath the optimism lies a critical challenge: a low level of confidence in understanding the full impact of AI on the retail industry.
Just 3% of retailers rated themselves 10/10 for confidence in understanding the impact of AI on the retail industry.
But a low understanding of impact
Why are retailers using AI?
79% express positivity towards the transformative power of AI, with the fashion sector coming out on top at 85%, closely followed by the grocery sector at 80%.
Are you generally feeling optimistic or pessimistic about the acceleration of AI in retail?
Contacts
Perran Jervis
partner, head of retail
About the author
Dan Read
partner, Tech IP and Data
About the author
100%
0%
Pessimistic
Optimistic