AI can complement, not cannibalise, Irish retail

Bank of Ireland's head of retail Owen Clifford on the potential of AI for Irish retail business

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As Irish consumers continue to navigate an inflationary environment, Irish retailers need to meet elevated expectations in respect of value and customer experience to secure their share of wallet. In this competitive environment, retailers recognise that artificial intelligence (AI) has the potential to become a transformative force across a range of touchpoints in their business.

Already, many progressive retailers are leveraging AI to drive more efficient stock management, to streamline their supply chains, and to anticipate market trends. The logical next step is to utilise AI to create a more personalised experience for us, the customer – bringing together shopping history, individual preferences, etc. in a seamless manner. This requires careful consideration as despite the continued digitalisation of the shopping experience, retail at its core is built upon human connection. In rolling out customer-facing AI innovations, retailers need to be mindful of this – here’s why: