artificial intelligence impacting retail and society says Google exec — Retail Technology Innovation Hub

Q&As

The question and answer section of the opening conference session at RTS 2024 highlighted one such instance where if machines should be taxed if jobs fall away and a universal basic income becomes necessary to fund?

“It’s a great question and that conversation is happening,” said Hunter-Torricke.

“But it’s too linear to think that all jobs will disappear – it’s didn’t happen with the internet, and it won’t with AI. Indeed, I’ve seen research predicting that 65% of the jobs that primary school kids will do in the future haven’t been invented yet. The industrial revolution happened in the 19th century but we survived.”

Another audience member questioned if the speaker agreed that AI should do boring stuff for creative people and not vice versa, which he wholeheartedly agreed with. How you use AI matters.

“Focus on things that are important to you,” advised Hunter-Torricke. “Just because a new technology arrives don’t throw everything out. The principles of good retail still apply, double down on them.”

This makes sense if you think about using AI to drive data led personalisation. Focusing on the customer has always been a retail strength.  

“Be attuned to new developments and follow their trajectory,” advised Hunter-Torricke as he refuted the idea of a Terminator like future where Skynet takes over the world.

All the best leaders are open and willing to learn over an extended period of time – and that includes Zuckerberg, Musk and many other innovators that he has previously worked for before his present job at Google.

“Leaders know what they want to do. But are also aware of what they don’t know,” concluded Hunter-Torricke, referencing the need to stay open to gaining new knowledge and humble enough to learn.

The retail sector and indeed society as a whole is on a journey with AI that is only just beginning.