2024 Consumer & Retailer Sentiment: The State of AI in Australian Retail

In the ever-evolving landscape of Australian retail, staying ahead of the curve is not just an advantage - it's a necessity. Our latest whitepaper sheds light on the current state of the industry, offering valuable insights for retailers and CEOs looking to navigate these challenging times. Let's take a deeper look at the key findings from our 2024 Consumer and Retailer Sentiment whitepaper, and explore how Australian retailers can turn challenges into opportunities.

SKIP THE HIGHLIGHTS - DOWNLOAD THE WHITEPAPER NOW

Our most recent blog shows that the Australian retail sector stands at a defining moment, with artificial intelligence reshaping the industry's fundamental operations.

Trend 11 (AI & Data Analytics) from our 2024 Consumer and Retail Trends Whitepaper predicted that generative AI will contribute between AUD$45-115 billion annually to the Australian economy by 2030, with retail emerging as a key beneficiary of this transformation. Yet, while 94% of retailers feel confident about AI readiness, only half have implemented the necessary frameworks and guidelines.

Barriers to AI Implementation and Adoption in Australian Retail

Although most retail CEOs and decision-makers believe that integrating AI into their retail operations is crucial in order to stay ahead of the competition and drive innovation, there are still barriers to full implementation:

• lack of talent is the main barrier preventing retailers, both globally and in Australia, from adopting AI.
• Insufficient time & investment are other significant barriers, primarily for retailers worldwide

What This Means for Your Business

The AI opportunity in retail is a massive one - but only for retailers who act now.

Retail Doctor Group 's exclusive research reveals the strategies setting profitable retailers apart in the AI revolution:

• Where 75% of successful retailers are focusing their AI investments.
• The three key areas driving profit growth through AI.
• How to avoid the "preparedness paradox" threatening retail AI implementation.

RDG Recommends

Seek to understand where tried and tested products have been used by similar retailers. Create your 2030 plan listing the areas where AI can assist.

Reach out to our Head of Insights, Anastasia Lloyd-wallis, to understand global learnings and map out your 2030 strategy – Listen to the RDG Future of Retail podcast for inspiration.

Get your copy of our 2024 Consumer & Retailer Sentiment whitepaper today.

DOWNLOAD THE WHITEPAPER NOW

Other Key Findings from the 2024 Consumer & Retailer Sentiment Whitepaper

Last week's blog highlights other key findings from the 2024 Consumer & Retailer Sentiment whitepaper, including insights on:

• omnichannel retail
• social commerce
• digitalisation trends
• online shopping
• personalisation and segmentation strategies
• consumer expectations
• how loyalty programs influence consumer behaviours
• training statistics
• retailer pressure points
• retail CEO priorities
• and opportunities for Australian retailers to thrive.

Reach out to our team for a comprehensive strategy review and personalised action plan. We'll help you navigate the complexities of the current retail landscape and position your business for success.

☎ +61 2 9460 2882

✉ businessfitness@retaildoctor.com.au

🌐 retaildoctor.com.au

Anastasia Lloyd-wallis

Brian Walker

Retail Doctor Group

The Retail Doctor Academy

Ebeltoft Group

#AnastasiaLloydWallis #AustralianBusiness #AusRetail #AustralianRetail #AustralianTrends #Benchmarks #BusinessAgility #BusinessGrowth #BusinessPerformance #BusinessTransformation #CEOCommunity #Coaching #ConsumerInsights #CustomerExperience #DataDrivenRetail #DigitalTransformation #FitForBusiness #FutureOfRetail #FutureRetail #GrowYourBusiness #Innovation #Insights #Limbic #LimbicInsights #LimbicRetail #MarketAdaptability #Neuroscience #OmniChannelRetail #Operations #People #RDG #RDGInsights #Retail #RetailAnalytics #RetailCEO #RetailDisruption #RetailDoctorGroup #RetailExcellence #RetailGrowth #RetailInnovation #RetailLeadership #RetailManagement #RetailPsychology #RetailStrategy #RetailSuccess #RetailTransformation #RetailTrends #RetailTrends2024 #SalesSkills #SmartRetail #SustainableRetail #Trending #Trends