From apps and bots, to sustainability and sourcing – global spending on retail technology will reach $263bn by 2027, according to Gartner. But what’s actually having an impact on customer experience?
Based on our study of over 100,000 consumers, our latest webinar broke down some of the major investments happening right now and whether they’re showing results.
Check it out with our speakers Vicki Cantrell, world-leading retail strategist, and Gareth Johns, TruRating’s Chief Data Officer.
The key takeaways
Need a quick summary of what was discussed? Here’s a few key things our speakers discussed…
1. Navigating the challenges of implementing AI in retail
One of the central themes of the webinar was the challenges of implementing AI in retail. While there’s no denying the potential of AI to revolutionize the industry, Vicki and Gareth emphasized the importance of putting the customer at the heart of decision-making processes. They discussed the need for retailers to focus on making the shopping experience seamless and efficient, using technology to address pain points and enhance customer satisfaction.
2. Relevance of offers and hyper-personalization
Another intriguing topic that emerged was the relevance of offers and the concept of hyper-personalization. Despite advancements in data analytics and AI, only about 50% of customers find offers relevant to them. This highlights the need for retailers to adopt a more customer-centric approach to marketing and promotions, leveraging data to deliver personalized experiences that resonate with individual preferences.
3. The importance of balancing convenience and human interaction
In the age of automation, it’s essential not to overlook the importance of human interaction in retail. Vicki and Gareth emphasized the need to strike the right balance between AI-driven convenience and human touchpoints, particularly in areas like customer service. They discussed how retailers can leverage AI to enhance convenience while ensuring that human interaction remains central to the shopping experience.
4. Starting with AI: building a strong foundation
For retailers looking to embrace AI, building a strong foundation is crucial. This means ensuring that foundational aspects like data quality are in order before implementing AI technologies. Understanding customer needs and preferences should guide the selection and implementation of AI solutions, ensuring that they align with the overarching goal of enhancing the customer experience.
5. Looking ahead: the future of retail
As the retail landscape continues to evolve, technology will play an increasingly important role. By leveraging AI and other emerging technologies, retailers can unlock new opportunities for growth and innovation. However, success will hinge on their ability to remain agile, customer-focused, and responsive to changing market dynamics.
The speakers
VICKY CANTRELL
Vicky Cantrell is a world-leading retail strategist and a former global executive at brands like Tory Burch and Giorgio Armani. Her most recent role was as Retail Transformation Officer for Aptos, and prior to that she served as NRF’s Senior Vice President, Communities and Executive Director, Shop.org.
GEORGINA NELSON
Georgina Nelson is the CEO and co-founder of TruRating, the leader in point-of-sale feedback software and the creator of the Open CX category. Before founding TruRating, Georgina was a lawyer at the UK’s leading consumer advocacy group Which?, leading its strategy on data, privacy and technology.
GARETH JOHNS
Gareth Johns is Chief Data Officer at TruRating, with nearly 30 years’ experience in big data. Before joining TruRating, Gareth worked at dunnhumby, where he helped build the company from a 30-person start-up to its current status as a global analytics and insights leader.
Book a demo with us today to see firsthand how TruRating’s POS Survey solution can help you navigate these challenges and leverage customer feedback.
