Artificial intelligence is proliferating and it’s here to stay. For retailers, they need to keep up with evolving technology to stay relevant and avoid collapsing. This includes embracing AI technology. So says one investment banker. He explains how.
“Consumers are changing quickly,” says Carl Marks Advisors managing director Howard Meitiner. “Their loyalty is much shorter. There’s a competitive reality; there’s a technology reality and then there’s a changing consumer behavior reality.”
A popular misperception is around how AI will cost jobs. Meitiner says it’s not that simple, and in some cases, the net result will be better for a company and its employees. For example, in the retail sector, there are a lot of tasks that can easily be automated such as pulling items off shelves. “If you eliminate those jobs and convert them to AI production, that’s a good thing,” Meitiner says.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.