2023 marked a turning point for artificial intelligence with the rapid rise of new generative Al technologies such as ChatGPT and incredible advances in image and video generation technology. It’s already beginning to impact different areas of our everyday lives, but how will it impact retail? Cian Kelliher, Management Consulting Partner at KPMG explains.
Al is often equally exciting and frightening to people. While it does have the potential to threaten jobs through automation, it also has significant potential benefits for retail. Automation can reduce costs, monitor levels of carbon emissions and waste, and help to improve sustainability.
The technology is still at a relatively early stage and has yet to be fully commercialised. Many leaders find themselves trying to figure out how they will, if at all, incorporate this new tech into their businesses.
There is significant cost attached to this type of R&D but there could also be an opportunity cost for those who do not get a handle on this at an early stage.