World Retail Congress: Experts discuss the reality of AI in retail

Retail

Catherine Brien on stage at the World Retail Congress in London. Credits: World Retail Congress.

London - Prior to the event, it was already clear that the theme of AI would be unavoidable at the World Retail Congress in London. Although it is still a hot topic, the hype and initial panic have given way to reflection and well-considered steps.

There were certainly advocates and fans of AI. Scott Price, chief executive officer of DFI Retail Group, stated: “If you don’t aggressively pursue AI, then you will lose. Your proposition simply won’t be as personalised as other companies’,” during a panel about the growth engines of retail. The use of AI with the help of data makes it possible to further personalise the customer experience.

More cautious and sometimes even critical voices were also heard. Georgina SmallWood, chief product, data and technology officer of card service Moonpig, described what is possible with the help of AI. “We can now make real-time recommendations for, for example, a gift with your card based on what they see you write in the card.” She gave the example of someone sending a card to their father with a reference to a fishing trip. This person then receives recommendations for a fly fishing workshop. “We have to be careful with its use. We’ve all opened our phones, seen an advert and thought: Is my phone listening? We don’t want to slap you in the face with the fact that we use AI.”

Level-headed view of ai according to retail experts at world retail congress

Another critical voice came from Elsa Pedro do Souto, global senior manager insights and analytics at Mars. “We also need to think about the sustainability of AI and the energy it costs. If we can map a process, that means we can automate it. But should we want to?”

In addition, there were also some disclaimers, for example from Catherine Brien, partner and managing director of consultancy AlixPartners. “AI isn’t a strategy, it’s a tool you can use with a strategy.” AI is also dependent on the data you can feed it. If you don’t have good or enough data, AI won’t be able to help either.

This also fits with what Ken Pilot of Pilot Ventures said during one of the panel talks. He is enthusiastic about AI and the possibilities in the design process, but he is also clear that people are still needed. “We’re replacing the bicycle with a car, but the designer still needs to be the one driving.” The metaphor refers to the fact that AI can create countless options for, for example, a white T-shirt, but a designer still has to safeguard the values and style of the brand they work for in that design.

The arrival of AI has certainly turned the business world upside down, and the retail and fashion industry is no exception. However, every major change takes time to be fully embraced and implemented. “When electricity was introduced, it took 50 years to reorganise the production chains,” Brien warned.

This article was translated to English using an AI tool.

World Retail Congress