16-24-Year-Olds Demand Intelligent Technology From Retail Industry

An image of , News, 16-24-Year-Olds Demand Intelligent Technology From Retail Industry
Here’s How To Implement Intelligent Technology And Maximise Market Revenue

New research commissioned by cloud-native consultancy Amido today reveals that tech such as artificial intelligence (AI), augmented reality (AR) and virtual reality (VR) will be vital as the retail industry looks to a future beyond the pandemic. 88% of retail tech decision-makers (TDMs) surveyed see these intelligent technologies as being crucial to increasing their advantage over competitors.

The survey, conducted with 500 retail TDMs and just over 2000 consumers in the UK, highlights the importance for retailers in using these tools to gain and retain the loyalty of the future big spenders. Among the 16-24 consumers surveyed, 84% confirmed that they would find at least one, if not several, emerging technologies useful as part of their shopping experiences. However, any innovations must keep the lucrative 55+ demographic in mind, with 50% of this audience listing the ability to try products as a reason why they may prefer to shop with retailers that have bricks and mortar offerings.

While technology brings opportunities for retailers, it does come with challenges for omnichannel businesses. TDMs have earmarked the need to find tech to improve and speed up deliveries as their number one challenge (58%). Fulfillment networks (47%) and customer demand (45%) are listed as the top two limitations to increasing the use of new innovations. Emphasizing the scale of the challenge, almost half (47%) of TDMs currently fear that they’ll be unable to ship products post-purchase.

Commenting on the research, Amido CTO Simon Evans stated: “Often, it is all too easy to focus on emerging technology and how it can provide innovation to a sector like retail. But the real battle in retail is often in nailing the basics at scale. Being good at omnichannel is hard and most retailers need to fix this before they invest in technology that is additive to that core. At every turn, business value is dependent on the technologies that will convert potential chaos into a sense of control.”

Success lies in the data of future big spenders

Promisingly for the future of the sector, almost half (46%) of 16-24-year-olds consumers surveyed revealed they would be happy to part with more of their personal data if it led to new offerings from the retailer. More than one quarter (27%) of respondents overall are also ‘floating voters,’ as they are still undecided on sharing more data, and therefore could be enticed by the lure of an improved service.

Retailers seem to be aware of this balancing act, and data insights proved to be a foremost priority for TDMs when deliberating customer retention strategies. Ideas around improving store experiences via online insights (53%), getting to know customers in a more personable way to keep them loyal (48%), and generating more tailored recommendations and personalization communications as a result (47%), are all listed amongst the top priorities from a customer retention strategy standpoint.

Business needs to start listening to tech

Almost three-quarters (74%) of TDMs feel closer to the business they work for, following the past 12-18 months of enforced change brought largely about by the COVID-19 pandemic, suggesting a more connected and united decision-making function. However, 44%, still see internal buy-in as a limitation to progress. In addition, 45% of TDMs state that investment in tech is a primary shortfall that is holding the company back from offering more value.

“Just like sustainability, technology cannot deliver any meaningful results if it is just bolted on to an existing proposition,” summarised Kate Ancketill, CEO of retail consultancy, GDR. “Any retailer still approaching technology in the same way it did 10 years ago has to consider this a complete organizational failure. The days of PR-focused scattergun, “tech for tech’s sake” activations are over. Investment in a targeted and robust, next-generation omnichannel strategy is now mission-critical.”

Simon Evans concluded: “For those still in any doubt, the solutions are all in the stats – consumers have never been more vigilant to how brands are striving to meet the future of retail. An omnichannel future of retail. To ignore their calls now could be to miss out on this future altogether.”

The critical role of data integrity in generative AI

Anjan Kundavaram • 23rd November 2023

The quest to harness the full potential of generative AI relies on finding trustworthy data to achieve outstanding results for diverse use cases. With the continued growth and transformative impact of generative AI, business leaders need to ensure that the data being fed into it has integrity.

Navigating a CTO-as-a-Service arrangement

Cyril Samovskiy • 21st November 2023

Attracting a top-tier Chief Technology Officer (CTO) can be challenging at the best of times, but for tech startups – who often have limited resources, a yet-to-be-proven product-market fit, and financial instability – it can be even more so. Add tech’s ongoing talent shortage to the mix, and it’s easy to see why CTO-aaS is...

The Importance of SBOM and CVE in Medical

Diego Buffa • 18th November 2023

This article explores the critical landscape of medical device cybersecurity, focusing on the IMDRF’s “Principles and Practices for Medical Device Cybersecurity.” It advocates for a holistic approach throughout the product life cycle, with particular emphasis on the vital role of the Software Bill of Materials (SBOM). The article addresses the FDA’s stringent postmarket vulnerability reporting...

AI powered fused spurs unveiled by measurable.energy

Diana Kamkina • 15th November 2023

measurable.energy, experts in eliminating wasted energy, are proud to announce the launch of their latest innovation – fused spurs. This highly anticipated addition to their product line is set to transform the landscape of energy management in construction and commercial buildings.

Technology for a Sustainable Tomorrow

Mark Robison • 09th November 2023

We currently face the critical challenge of reducing carbon emissions in an effort to reach net zero targets. This is the challenge of our lifetime and for many more generations to come. Fortunately, this challenge has ushered in a new era of innovation, where technology plays a leading role in creating a sustainable future.

Preparing UK Businesses for the Coming PSTN Switch Off

Chris Wade • 01st November 2023

The PSTN Switch Off will require a robust framework of action as all business sectors will be impacted. In order to stay ahead of this significant change, businesses must start considering new, digital alternatives such as VoIP based communication technology.

Dark Fibre’s Role in Supercharging Edge Data Centers

Sean Lowry • 18th October 2023

In response to Proximity Data Centre’s e-book, Glide’s CTO, Sean Lowry explores the impact of low latency on gaming, the Metaverse, and AI. He explains how dark fibre and Glide’s “Fibre Cities” are primed to support the evolving needs of edge data centres and seamless connectivity.

Smart Labels and the intersection of technology and logistics

Sam Colley • 13th October 2023

The delicate fabric of the ever-evolving technological landscape is being rewoven with the introduction of game-changing elements like smart labels, which are bringing the logistics industry to the forefront of innovation. These technological wonders are not only transforming the landscape of logistics, but they are also unlocking a multitude of options where precision, discretion, and...