Beware the march of the robots! The majority of routine retail tasks are set to be replaced by artificial intelligence (AI) by 2035, according to new data.
Artificial intelligence will have a huge impact on the retail sector – Photo: Pixabay
Nearly 60% of retail tasks across core functions could be augmented or automated by AI, according to a new report from law firm Eversheds Sutherland and research agency Retail Economics, seen by CityAM.
The report noted that UK retailers are set to spend a third of their budgets on AI-aligned tech next year to help allay concerns over rising costs, with 69% expecting to increase investment within two years.
While “the speed of this shift sets the UK among the most advanced global markets”, the report also warns that progress is “increasingly vulnerable to longstanding operational barriers”.
Andrew Todd, partner at Eversheds Sutherland, said: “AI will primarily handle routine and data-driven tasks, leaving more able to focus on strategy, creativity, judgement and customer engagement”.
Todd predicts that new specialist positions will emerge in the sector, while traditional roles “evolve” in the AI-influenced environment.
The report claims a host of analysts and pundits have predicted a rapid shift in working patterns. McKinsey, for example, has outlined “a partnership between people, agents, and robots”.
And the march towards A1 is already in high gear, as it highlights McKinsey’s claim that the number of adverts for jobs vulnerable to AI’s impact is down 38% compared to three years ago.
Richard Lim, CEO at Retail Economics, added that the next decade will “see a profound shift in how work is carried out across [retail].”
“Disruption will happen in waves as retailers test, learn and iterative generative and agentic AI technologies,” he added.
