Home / Knowledge / News / Retail / CMS, Retail Economics study AI tech influence in UK retail

CMS, Retail Economics study AI tech influence in UK retail

28
Feb '19
CMS, Retail Economics study AI tech influence in UK retail
Close to half of brands and retailers in the United Kingdom believe artificial intelligence (AI) will give rise to significant opportunities to optimise supply chains, reduce costs and create more meaningful relationship with customers, according to joint research by international law firm CMS and independent UK economics research consultancy Retail Economics.

Target areas of investment included sales and marketing (66 per cent of respondents); warehouse, distribution and logistics (53 per cent); and buying and merchandise (47 per cent), a press release from Retail Economics said citing the study.

The study, titled ‘Disruption 2.0…here we go again’, explores AI technologies in the customer journey, the challenges of implementing AI, and the consumer attitudes that will ultimately shape its future. It covered 2,047 UK households and 33 large multiple retailers and consumer brands companies.

Forty five per cent of customers believe digital advertisements hardly ever or never displayed appropriate content to them. However, nearly 60 per cent of businesses would trust fully automated AI-driven marketing campaigns.

Two in five consumers think that drone deliveries will stay in the realm of science fiction and never become a reality for online deliveries.

Nearly 60 per cent of organisations feel they lack the specialised skills required to roll out new AI technology. Three-quarters of organisations believe they will plug this gap through external suppliers, however nearly 40 per cent think they will develop in-house AI capabilities.

Four-fifths of the organisations believe AI has the potential to increase customer loyalty and 66 per cent of those believe they will require roles managing data ethics.

“Retailers are acutely aware of potential AI-derived cost savings, increased productivity and efficiencies. This is evidenced by 85 per cent of retailers who think that AI-powered data analytics will enable more sophisticated targeting of customers,” said Richard Lim, CEO, Retail Economics. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Feb 2020

Bangla Tariff Commission fears grave impact on China trade

The impact of the coronavirus outbreak on Bangladesh-China trade is...

Pic: Shutterstock

Textiles | On 26th Feb 2020

UK risks losing up to 14% of exports to EU if no deal: UN

Non-tariff measures could cause major fractures in post-exit UK-EU...

Pic: Shutterstock

Textiles | On 26th Feb 2020

Turkey's textile industry employs 1.67 mn: minister

Turkey's textile and garment industry currently employs around 1.67...

Interviews View All

C. Dhandayuthapani, Mag Solvics Pvt. Ltd

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Top executives, Textile industry

Top executives
Textile industry

Denimsandjeans India 2018

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Amol Bhagwati,

Amol Bhagwati

A textile finishing solution provider, Inspiron Engineering Private...

Zafer Demirel,

Zafer Demirel

Turkey's Canlar Mechatronics is a leading designer and manufacturer of...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search