By Rachel Lund, Head of Retail Insights and Analytics
There’s no denying that retailing is going through a period of turbulent change. At the same time as growth in the total market has slowed – with total UK sales growing at just 1.2% in 2018, digitisation has both radically altered consumer behaviour and fuelled competition in the industry.
This transformation has created challenges and complexity for businesses, but also opportunities for retailers to raise their game in serving customers. Surviving and thriving in the new world of retail requires a willingness to seize these opportunities.
Although not perhaps always seen as an industry at the frontier of technology; cutting edge developments in areas such as Artificial Intelligence (AI), are being applied in retail. Rather than transforming shops into to something you might see in a sci-fi film, AI is being used to solve many of the practical problems retailers face in serving an increasingly demanding consumer in a world where profit margins are diminishing, as Aneshan Ramaloo from SAS explains in his blog about how AI is improving the customer experience.
Click here to view Ramaloo's post on how AI has allowed for smart inventory management, a personalised shopper experience, and removing customer friction points - leading to a range of tangible benefits.
Our 'Powering the Customer Journey through AI" roundtable on the 12th of March will also explore the benefits and practicalities of incorporating AI into the retail experience. Followed by a 3-course meal, it will provide a unique opportunity to hear and share examples of AI in action as well as network with retail industry colleagues.
Time: 18:00 - 22:00
Venue: Andaz London Liverpool Street
For a full agenda and more information visit the event page.
UPCOMING member roundtable
POWERING THE CUSTOMER JOURNEY THROUGH AI | 12 MAR 19
Join us at this exclusive to members round table to gain insights and expert advice on which Artificial Intelligence (AI) technologies are available and how they can be used to extract tangible benefit to your retail business.