Compared to other industries, including the car industry, retail has taken longer to automate.However, with the introduction of self-checkout registers in retailers, it is accelerating. Today’s competitive labour markets, rising wages, and pressure from consumers to spend more money are driving the business forward. Industrial robot installations climbed 31% globally in 2021 compared to the previous year.
Related post: AI is coming to grocery stores and it’s going to change the shopping experience
Among the merchants making efforts to reduce expenses and streamline their product lines are Carrefour, Tesco, and Inditex. However, a large portion of a typical retailer’s activities are still done by hand, according to McKinsey experts. According to McKinsey, fashion firms will invest 3.5% of their revenue (up from 1.6% to 1.8% in 2021) on technology. Retailers in the United States, Europe, and Asia may purchase automated warehouses and robots from British online grocery pioneer Ocado. The business plans to someday automate every step of the process, from the farm and factory gates to the refrigerator of a customer. For the Sam’s Club businesses controlled by Walmart in the US, over 600 robots sweep store floors and scan shelves to check stock levels and prices.
Read more from Weforum.org
