A new report from VoucherCodes.co.uk and WBR Insights has revealed that Artificial Intelligence (AI) is set to transform the UK shopping experience. With data and algorithms helping retailers create an even more personalised experience for shoppers the new report has revealed that over 90% of retailers expect to have Artificial Intelligence (AI) or virtual assistant technology operating in-store and online within the next five years. In a report interviewing 200 senior executives at major UK and French retailers, VoucherCodes.co.uk has revealed that AI and other intelligent technology looks set to become a regular sight on the British high street.
Investing in innovation
From chatbots to help streamline customer service operations to AI powered recommendation engines, retailers are embracing technology to simplify and enrich the shopper experience. In fact, 77% of retailers revealed that simplifying the customer experience is their core ambition and actively designed their e-commerce presence primarily based on simplicity and convenience.
The report also revealed retailers priorities for tech investment, highlighting potential areas for growth over the next five years. Unsurprisingly, AI technology looks set for continued growth as it was deemed the second most important area for tech investment, behind traditional mobile applications. Meanwhile, 27% of retailers confirmed that they had invested in Augmented Reality (AR) technology over the last 12 months as retailers rush to engage consumers both in-store and via mobile.
Other top priorities included:
- 37% of retailers confirmed that they had invested in Virtual Reality technology over the last 12 months
- 38% have already introduced virtual assistants and 53% are planning on doing so
- 44% of retailers surveyed offer AI powered chatbots to help shoppers; 54% are planning to in the next five years