Retailer panel discusses how to increase competitive advantage — Retail Technology Innovation Hub

Improved conversion rate

Lynn Beatty, director of technology at B&Q, says home improvement brands need technology partners because of their diverse product ranges.

For example, she said, she uses AI-powered design tools in her kitchen, bath, and bedroom design services, which has increased conversion rates by 60%.

It also helps with customer service, staff training, and recruitment. Last year he hired 5,000 people, so this helps.

Fellow panelist Dave Abbott, director of information technology at Morley's Department Stores, agreed, and his business clearly has a large and diverse range of products.

No one can be an expert in everything from fashion to toasters, so AI can help with training and providing easy information, he says.

Cons

The specter of garbage in, garbage out if AI systems are not well thought out and tested before being properly integrated into a retailer's operations was raised by the Aptos vendor on the RTS panel.

Nikki Baird, Vice President of Strategy, reminded everyone that they need to put data to good use to reap the benefits.

The power consumption rates of data centers running these models and the threat of spam flooding are also concerns, she said, adding that they also cannot be set and forgotten. AI is constantly learning and changing and requires constant re-evaluation.

However, the advantages far outweigh the disadvantages. That's why panelists had so many applications to share, and why AI was a big topic of transformation at this year's RTS.

Ultimately, B&Qs Beattie concludes, AI applications need to be rooted in what value they can bring and how they fit into strategy.

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