Artificial Intelligence (AI) is the key technological breakthrough driving innovation in the retail industry, according to new research.
The Digital Retail Innovations Report 2019, conducted by Retail Insider and Webloyalty, has found that AI, personalisation, robotics and payments are the leading technologies being adopted by the retail sector.
Nearly 40 per cent of retailers are reportedly implementing AI within their operations to drive growth.
Other technologies like augmented reality (AR) are being adopted by 15 per cent of retailers, while 22 per cent are implementing payment technology and a further 15 per cent are using new delivery technology.
The report also suggests that 15 per cent of retailers are applying technology to help the environment, while five per cent said they were investing in biotechnology.
“While some businesses clearly have the digital infrastructure and capabilities to innovate, take Amazon with an impressive four innovations appearing in this year’s top ten, others are leaning on collaboration to achieve their strategic advantage,” Webloyalty’s managing director Ben Stirling said.
All Saints’ John Bovill added: “As the retail industry continues to face a period of uncertainty, there is no better time for retailers to focus on innovation and leadership to deliver what customers wants.
“The advancements in retail technology clearly demonstrate how new tech can be used to push the boundaries of retail and create a truly unique experience for customers. However, there is more work to be done, as retailers need to rediscover their mojo, and focus on serving and delivering what is right for their brand and market. In short, it’s about putting customers needs first if they want to survive.”