Britain’s retailers are implementing AI into their business much slower than other industries. Microsoft’s claim comes only weeks after major closures of retail giants Maplin and after the shocking news of Debenhams huge £491 million pound loss. The results of Microsoft’s findings were staggering showing that 56% of UK retail companies still haven’t implemented any form of AI. While other industries such as financial services the number sits much lower at 44% and 40% with manufacturers.
Microsoft are on record saying “Clearly, for the sector to thrive in the future, the speed of change must increase”. Many experts are saying that worryingly the speed of development will likely remain slow. It is likely to remain slow because of the scale of operations with big retailers on the market today. These are worrying signs for the high street with almost 2,000 stores closing in six months with names such as Toys R Us, Poundland and the previously mentioned Maplin.
“For the sector to thrive in the future, the speed of change must increase”
Struggling Retailers in 2018
- Toys R Us
Helen Dickinson, the chief executive of the British Retail Consortium said AI could be really important tool for bricks-and-mortar retailers in their battle to compete with online natives. “The high street is reinventing itself, adapting to changing consumer behaviour and increased competition for leisure time”. Many will be hoping the high street increases its development of AI to compete with E-Commerce stores which have been winning the battle in recent years.