The recent Retail Technology Show at London Olympia was a beacon of innovation, showcasing how AI and technology are reshaping the landscape of the retail industry. From supply chain management to customer service, the event highlighted the infinite ways in which cutting-edge technologies are revolutionising every aspect of retail operations.

8x8 was there to explore the future of retail innovation and its impact on the consumer experience. Here are eight of the most important things we learnt:

1. AI integration is a game-changer

One of the key takeaways from the show was the critical role of AI in driving competitive advantage for retailers. Throughout the show, it was emphasised how AI is not just a buzzword but a transformative force, enabling businesses to streamline processes, enhance efficiency, and stay ahead of the curve. According to Statista, 73% of retail executives cited the main benefits of integrating AI into their retail environment to be:

  • increased productivity
  • operation cost reduction, and
  • faster time to profitability

Whether it's optimising supply chain logistics or forecasting demand, AI integration is proving to be a game-changer for retailers seeking to maintain a competitive edge in today's fast-paced market.

2. Role of AI in business operations

The show also shed light on the diverse applications of AI across different industries within retail. From food delivery services like Deliveroo expanding into new marketplaces to home improvement brands like B&Q leveraging AI-powered design tools, it's evident that AI knows no bounds.

“We are using an AI-powered designed tool for our kitchen, bath and bedroom design service that has increased conversion rates by 60%,” - Lynn Beattie, Director of Technology, B&Q

AI’s ability to adapt and evolve to meet the unique needs of all industries opens up a world of business operational potential.

3. Advancements in omnichannel

For years, retailers have spoken about the omnichannel experience and its impact on the customer experience. UK customers expect, more than any other nation, a seamless shopping and service experience, be it online, offline or something in between. In fact, a staggering £52 billion—nearly half—of UK online non-food sales in 2023 interacted with physical touchpoints. This highlights the importance of blending online and offline experiences.

According to Craig Nash, Managing Director UK and Ireland, Swarovski, omnichannel is about creating immersive in-store experiences while understanding customer expectations. You do this by leveraging effective technology for seamless shopping journeys, and rethinking colleague training to enhance customer engagement.

4. Boosting ecommerce growth

According to the Newstore 2024 Omnichannel Leadership report, the gap between ecommerce and retail sales growth has shrunk, and global online sales are predicted to grow 9.4% in 2024. Retailers that have historically been brick-and-mortar based are advancing their ecommerce growth and partnering with vendors to get them online faster. This is all to answer shoppers’ increasing demands to browse online for deals. B&Q are focusing on getting new products online quickly, using automatic SKU conversion and smart insights to see what's selling and who's supplying. It's all about staying flexible, catching onto trends, and staying competitive.

5. Cutting-edge personalisation

The show highlighted the advancements in creating a seamless, integrated shopping experience that meets the modern consumer's demand for convenience and personalisation. AI and emerging technologies play a pivotal role in this transformation, from offering personalised shopping recommendations to enhancing customer service through chatbots.

Hyper-personalisation doesn’t stop there, as Nourished founder, Melissa Snover, found when creating tailor-made nutrition. They've adjusted their customer journey to best serve their audience by delivering products based on interests. This covers developing health and wellness offerings and modifying packaging and processes.

6. The power of emotional commerce

People love to shop, and businesses like Holly & Co are focusing on helping consumers love where they shop. Holly Tucker MBE believes that when people are emotionally connected with a brand, they will remain loyal for years to come. Emotionally-engaged customers are three times more likely to recommend a product to others. Tapping into that emotion is critical when it comes to ensuring the most uplifting shopping experiences for small businesses.

7. Technologies shaping efficiencies and customer loyalty

Further technologies, such as Radio Frequency Identification (RFID), are creating efficiencies between physical and digital retail experiences. Successful implementations, like those seen at River Island, have resulted in tangible improvements in stock availability, accuracy, and sales uplift. Retailers can create more personalised and immersive shopping experiences for their customers, driving loyalty and engagement.

8. Balancing security and customer trust

With great innovation comes great responsibility, as the show also addressed the pressing issue of security concerns in retail. As retailers increasingly rely on self-checkout systems and online platforms, safeguarding against theft and fraud has become more crucial than ever, especially through the current Cost of Living Crisis. While AI offers promising solutions, such as advanced surveillance systems, it's essential to strike a balance between security and privacy while maintaining customer trust.

The Retail Technology Show 2024 showcased the transformative potential of AI and technology in revolutionising the retail industry. As retailers dive into these innovations, it’s important to make sure these tools actually boost growth and efficiency, as well as keep customers happy.

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