This article is provided by BRC Associate Member Accenture
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2024 is set to bring a whirlwind of change to the retail industry, driven by the potent combo of generative AI and talent dynamics.
The Accenture Pulse of Change: 2024 Index reveals the key factors that will reshape the retail landscape in 2024.
- GenAI takes the wheel: Technology change, catapulted by generative AI is expected to be the No.1 cause of business change in 2024. 76% of C-suite executives see GenAI as more of an opportunity than a threat, and more beneficial to revenue growth than costs reduction. Retailers are uniquely positioned to capitalise on this technology revolution, with use cases ranging from personalisation and design to supply chain optimisation.
- Societal speedbump: 77% of European CXOs say they are approaching GenAI investments with caution because of societal concerns about the responsible use of AI. Retailers must exercise caution or risk alienating an increasingly conscientious consumer base.
- People as a priority: While Talent is the second biggest force for change in 2024, there's a perception gap among C-suite leaders who underestimate its importance. Prioritizing people investments and addressing skills shortages will be crucial for winning the talent race. Early signs of this can already be seen in the UK, with companies like Ikea & Sainsbury’s making significant investments in staff pay.
Check out the Accenture Pulse of Change: 2024 Index for more insights on what’s to come or reach out to matt.jeffers@accenture.com or l.n.bromfield-torres@accenture.com to discuss.