Fujitsu UK&I: artificial intelligence set to become a key player in the retail industry during 2024

Fujitsu UK&I has released its top retail predictions for 2024.

The company foresees a year of significant transformation in the retail sector, driven by technological advancements and evolving consumer expectations.

1. Rebalancing the retail economic model - integrating online and offline strategies

Jat Sahi, Retail Consulting Industry Lead, says: “With e-commerce projected to account for 40% of global retail sales by 2027, physical stores are facing a critical need to evolve, to keep up with the times. The future of retail sits in a strategic integration of online and offline approaches.”

“This will create seamless customer experiences across channels, using stores as distribution hubs, and implementing innovative solutions like omnichannel inventory management and personalised marketing.”

2. The acceptance of AI driven retail solutions

Tim Heaton, Director of New Business Development, Retail, says: “Artificial intelligence (AI) is set to become a key player in the retail industry in 2024. The sector will begin to realise the true potential of AI through applications aimed at enhancing customer experience, improving operational efficiency, and bolstering security.”

“Key developments will include AI powered insights into shopper behaviour, advanced solutions for retail crime and staff safety, and innovative methods to mitigate self-checkout fraud.”

“Successfully integrating these technologies into complex retail operations is key to maintaining a leading position in the industry.”

3. Transforming retail front-ends with Application Programming Interface (API) enablement and microservices

Heaton says: “The year 2024 is poised to mark a significant transformation in retail front-end operations. Retailers are expected to move away from traditional hard-coded add-ons, embracing API enablement and microservices.”

“This shift will enable retailers to create more agile, adaptable environments, quickly integrating new functionalities to meet market trends and consumer demands.”

4. Mainstream adoption of API driven architectures

Sahi comments: “API driven architectures and microservices are anticipated to become mainstream in the retail sector, come 2024. This shift will facilitate a smoother flow of data across business channels, similar to standard internet requests.”

“Retailers will benefit from increased flexibility, efficiency, particularly in managing e-commerce platforms and in-store applications, leading to a more integrated and responsive retail experience.”