An overwhelming 93% of Singapore retailers believe that AI will become a core function in retail in the next five years, according to the latest survey by Twilio. The survey also revealed that 70% expect unlimited use cases for AI in retail within the next five years.
Impersonal shopping experiences
However, despite integrating AI deepening in the retail industry, around 71% of Singapore retailers fear AI-powered chatbots will cause impersonal shopping experiences.
Twilio posits that retailers must learn to balance scalability and personalisation amidst the proliferation of AI across the industry. In the middle of consumers’ rising expectations for brands to deliver personalised experiences, and in some instances, hyperpersonalisation, Twilio underscores retailers to deliver customised experiences to a vast audience.
Around 45% of retailers are prioritising customer data to maintain personalised engagement to adjust to the retail industry’s evolving consumer landscape.
“As more retailers employ AI throughout their business, they have to anchor their strategies and operations in transparency and demonstrate how they will use the data responsibly and ethically. This includes communicating their data policies clearly, informing their customers about how their data is being collected, and providing them with mechanisms to exercise privacy rights. Brands will also need to demonstrate how data is used to create tangible value and integrate their data to unlock deeper insights and deliver truly personalised experiences,” said Nicholas Kontopoulos, vice president of Marketing, Asia Pacific & Japan at Twilio.
