224: 10 Thoughts On AI In Retail

6 Feb 2023 | Oliver Only Solo Shows, Podcast

Publish Date

6 February 2023

Your Host

Oliver Banks

AI provides major opportunities for retailers as well as threats. But there are big misconceptions or misunderstandings to watch out for. In this episode, join Oliver Banks to explore 10 crucial considerations about AI in retail. Learn new ways to consider AI, bust open a major myth, and discover which AI use case could disrupt retail most.

Listen to this episode of the podcast to hear:

  • Why we are likely to be wrong about AI’s impact on retail in 2023.
  • How you can reframe AI to think of loads of positive use cases.
  • Which AI use case will provide the biggest impact to the retail industry.

 

McKinsey insights on AI’s impact to the retail industry

In the episode, Oliver references a 2018 McKinsey report about the applications and value of this technology. See below for the referenced charts.

AI impact by industry, with Retail as an outlier due to an extremely high level of impact

Chart showing that advanced analytics will deliver more value than AI.

Additional episodes of the Retail Transformation Show to listen to

Firstly, in episode 223: AI And The Future Of Retail, ChatGPT appeared on the podcast to talk to Oliver. Hear (literally!) ChatGPT’s perspective on how AI will be used in the retail industry.

223: AI And The Future Of Retail with ChatGPT - The Retail Transformation Show with Oliver Banks

Omnichannel retail is a challenge for the industry. But AI can help connect the channels and create that “seamless” journey. So listen to episode 176: Being The Best Omnichannel Retailer.

176: Being The Best Omnichannel Retailer - The Retail Transformation Show with Oliver Banks

Finally, data is crucial for a successful and useful AI deployment. So in episode 124, hear How To Be A Data Driven Retailer. This features takeaways from the data series on the podcast, so also check out episodes 119 to 123 too.

124: How To Be A Data Driven Retailer - The Retail Transformation Show with Oliver Banks

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