Mylo Portas, head of retail, Peak
- “Our own retail industry report found that, on average, e-commerce companies using AI enjoyed 18 per cent year-on-year sales growth in 2017, 30 per cent more than those that were not using AI.
- The median gross profit margin for companies that use AI, meanwhile, was 50 per cent higher than those who weren’t (48 per cent vs 32 per cent.)
- Becoming an AI-driven retailer has also led to a 75 per cent reduction in cost per social click during a recent trial.
- The result has been a 27 per cent increase in sales, while also reducing operational costs by 35 per cent.
- Our report found that, when companies use AI, the median number of stock days was 43—a 9 per cent reduction on the 47 median stock days of companies not using AI.”