What Does the Future Retail Workforce Look Like?

With the growth of artificial intelligence and automation, many American workers remain concerned about the impact these new technologies will have on the future security of their jobs.

This threat is especially prominent in the minds of workers in retail, an industry that has seen the business model increasingly focus on the digital space. Even in brick-and-mortar stores, innovations like Amazon’s cashier-less ‘Go’ stores pose a potential threat to the workforce.

While Silicon Valley continues to grow in value and influence, new data shows how important artificial intelligence will be in not only improving current jobs, but also contributing a significant amount to the economy.

AI in particular has seen significant growth throughout the business sector. According to a survey from Narrative Science and the National Business Research institute, 61 percent of businesses implemented some sort of AI in their systems— up 23 percent from the year before.

Now, new research conducted by McKinsey Global Institute predicts that by 2020, 70 percent of companies will implement some form of AI within their business. This, however, is just a fraction of the bigger picture this technology has provided for the future of the American workforce.

The same research from McKinsey predicts a valuable impact AI can have on gross domestic product, with forecasts suggesting AI could contribute up to 1.2 percent in GDP growth for the next ten years.

Furthermore, the McKinsey model also predicts artificial intelligence can help capture an additional 20-25 percent in net economic benefits, which equates to roughly $13 trillion worldwide for the next 12 years.

All of this change has many rightfully worried about losing a traditionally human job to automation. A common misconception, however, is equating AI to automation. While some studies do predict low-skill job losses at the hands of automation, the number of jobs created has been predicted as high as 2.3 million by 2020.

This is an accurate reflection of the importance this technology will have in collaboration with human counterparts. Ken Goldberg, a co-author of the Tata survey, wrote in the study there is a growing interest in ‘Multiplicity’, where AI helps groups of machines and humans collaborate to innovate and solve problems.

“The prevalent narrative around AI has focused on a ‘Singularity’ — a hypothetical time when artificial intelligence will surpass humans… this [data] reveals that Multiplicity, the positive and inclusive vision of AI, is gaining traction,” Goldberg said.

Regardless of how it will be manifested, the retail workforce is changing, and those that are able to use data to become more efficient stand to gain.

Follow us on social media for the latest updates in B2B!



Robotic pallet movers
Automation in Action: Robotic Pallet Movers are Enhancing Efficiency and Transforming the Modern Warehouse
April 18, 2024

The world of logistics is undergoing a major transformation, all thanks to robotic picking and stacking tech. These robotic pallet movers automate the stacking of products, thereby enhancing efficiency and accuracy in warehouses and distribution centers. As e-commerce continues to grow, the demand for quicker and more efficient operations is pushing the adoption of […]

Read More
extended-stay hotel
Extended-Stay Hotels Must Analyze Markets & Embrace Flexible Options for Sustained Growth
April 18, 2024

The extended stay hotel market, once riding high on unprecedented growth, has recently faced a dip in occupancy rates. This downturn marks a significant shift from the robust expansion observed over the past years, driven by a surge in guests who preferred longer stays due to various economic and lifestyle factors. Despite this, the […]

Read More
live events technology
High-Quality Live Events Technology is the Secret Weapon for Unforgettable Experiences
April 18, 2024

The fusion of technology and creativity is setting new standards for audience engagement and event personalization at live events. Live events technology such as augmented and virtual reality are now at the forefront, offering immersive experiences that bridge the gap between the digital and physical worlds. AI and machine learning are also revolutionizing event […]

Read More
Power over Ethernet
Power Over Ethernet Revolutionizes Home Automation by Simplifying Installations and Enhancing Connectivity.
April 18, 2024

Homes become increasingly connected and Power over Ethernet (PoE) emerges as a transformative technology in residential automation and entertainment systems. By allowing electrical power and data signals to travel over a single Ethernet cable, PoE offers a streamlined approach to powering devices like smart speakers, security systems, and lighting, all while reducing cable clutter​. […]

Read More