Retailers looking to get ahead of the AI hype-curve and realise the benefits of the technology are shelving planned store technology investment to prioritise AI, according to the latest research from Pricer, the leading in-store communication and digitalisation services provider.
A survey of over 100 senior UK retailers by Pricer revealed that over two thirds (67%) plan to invest in AI at the expense of existing road-mapped technologies within the store.
With one in six UK businesses already having embraced at least one AI technology (ONS, 2023), retailers are rapidly adopting the technology, helping them to improve operations and create efficiencies to mitigate against rising costs facing their organisations, Pricer report noted.
At the same time retailers are rapidly deploying AI, its adoption is becoming more widespread among consumers – and with increasing use of the tech in their day-to-day lives, this is prompting customers to expect and demand AI to enhance their shopping journeys. A Capgemini poll showed in January this year that 71 per cent of consumers now want AI to be integrated into their purchasing experiences.
Pricing automation and AI for customer service in-store were the top types of AI that 59 per cent retailers plan to invest in over other technologies, according to Pricer’s research. This was followed by shelf-edge AI cameras (53%) and AI-powered in-store content (47%).
With 43 per cent of retailers saying that extracting data and insights from in-store technology investments to drive future performance is one of their top challenges, this is also prompting retail businesses to turn to complementary solutions at the shelf-edge to deliver data to power AI within the store. Almost half (47%) of retailers are considering combining Electronic Shelf Labels (ESLs) with automation to capture data across inventory and fraud detection, followed by customer engagement (45%) and loss prevention (42%).
“As retailers look to power their in-store operations with AI, increasingly we’re seeing ESLs act as the glue that connects the digital shelf-edge,” Peter Ward, UK country manager at Pricer, commented.
“Their power lies in unifying in-store technology investments, helping retailers effectively drive greater levels of efficiency, labour productivity and CX, all whilst allowing AI to ingest data to power even great performance and ROI.”
