Retail in Review July & August: Retail Turns to AI for Security and Experiences
The pinnacle of summer is here, and as we near September, the retail world prepares for a hectic end to the year – counting the days to Black Friday and the resulting festive shopping period.
Over the last couple of months, ongoing retail news trends have continued to develop – with shrink issues, new technologies and continued resilience against economic downturn. We uncover all in our latest Retail in Review blog…
The Future is AI
The key technology that seems to be on the lips of everyone this year, artificial intelligence (AI) is having a significant impact everywhere – and retail is no exception.
According to research from Honeywell, nearly six in 10 retailers plan to adopt AI, alongside machine learning (ML) and computer vision technologies into their offering over the next year. This is designed to enhance the shopping experience that retailers can offer in both stores and online.
According to the findings, nearly half (48%) of global respondents expect these specific technologies to have a significant impact on the retail industry in the next three to five years.
With the customer experience having become such a high priority for retailers, and the potential that AI and ML have in creating personalized, seamless and streamlined shopping experiences, there should be no surprise at their perceived future importance.
Retailers Fight Back Against Organized Retail Crime
In our last Retail in Review blog, we explored how shrink – and more specifically, theft – is currently having a profound impact on the retail industry. It now appears that retailers are turning to technology to take action against shoplifting. And while AI may be expected to introduce great change to customer experience in the next few years, its use in loss prevention is apparently already well underway.
A number of major US retailers are believed to be layering AI on top of existing retail technology solutions – such as RFID and predictive analytics – to ‘superpower’ them and increase their efficiency against shrink.
With a busy festive shopping period soon to appear on the horizon, retailers will be keen to find effective, fast solutions to minimizing theft in their stores.
To find out more about how RFID-Powered Self-Checkout can minimize in-store theft, read our blog here
Retail Resilience Continues
The retail sector has showed strength in 2023. Despite ongoing economic challenges, retail sales continued to rise, and increased by 0.7% in July – which was higher than expected.
The Commerce Department found that online sales supported continued growth, with many consumers spending more on hobbies and clothing. This was all despite the Federal Reserve’s aggressive interest rate hikes to tame inflation.
In today’s market, convenience conquers all – and this is clearly highlighted by July’s impressive growth stats. If retailers want to increase sales, they have to be able to cater to the demanding consumer. One effective solution for this is the option to pay by link.
Our latest Pay by Link solution, launched in partnership with Adyen, enables retail customers to pay for items through a secure URL link, provided by the retailer and powered by Teamwork Commerce. With a number of sales channels regularly utilized by retailers, the Pay by Link solution is designed with the end-user in mind. The payment page operates across a range of devices, and can be accessed through email, separate link or by scanning a QR code.
Turning Attention to End of Year
The summer period is drawing to a close. As retailers begin to prepare for the typical chaos of the festive shopping season, consumers clearly remain keen to spend their hard-earned money. They’ve also become fastidious and aren’t easy to win over. To earn their loyalty and retain them in the long-term, retailers must deliver unparalleled experiences seamlessly. Shrink challenges may loom but with innovative technologies such as AI breaking through, the industry remains confident of overcoming its latest hurdle.
The next few months could define the entire year for retailers with Black Friday on the horizon to kick-off the winter shopping period. As long as the industry continues to find new ways to cater to an evolving customer base, success should soon follow.
Find out more about how Teamwork Commerce’s solutions can help your retail business prepare for a busy end of year. Get in touch today!
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