The rise of Artificial Intelligence (AI) is causing anxiety among senior retail leaders, reveals a new study of big firm bosses in the US and UK.
Commissioned by global digital transformation consultancy Kin + Carta, the survey revealed that 32 per cent feel “tech anxiety” over the impact AI and machine learning could pose on the sector. Of this number, almost half (48 per cent) attribute their anxiety to the technology moving too fast.
Other worrying concerns identified by retail leaders include cyber security (25 per cent) and customer experience (18 per cent).
The findings are collated as part of Kin + Carta industry-spanning 2024 Leadership Priorities in Tech report, which showcases priorities and concerns from 800 senior business leaders in the US and UK. The sample was made up of C-suite executives and senior decision makers in £800m+ turnover / $1bn+ revenue organizations.
Richard Neish, global chief strategy officer at Kin + Carta, comments: “The impact of AI is far reaching, and is giving business leaders across sectors sleepless nights. Retail is no different, and these disruptive technologies will fundamentally change the way retailers operate.
“There’s no doubt that technology is moving incredibly quickly, but as long as businesses invest in the right areas, risks and therefore anxieties will be eased.”