Technology and artificial intelligence (AI) are rapidly transforming the retail industry, impacting how retailers engage consumers and run their operations, including talent operations. From shopping online through mobile devices to tapping into data that powers customer relations and automation—retail companies are leading the way toward an immersive digital economy with AI services predicted to increase from $5 billion to above $31 billion by 2028. The rise of new technology is enabling some retailers to expand their ecosystem of goods, services, and operations. The emergence of generative AI, robotics, and many other tech advancements present both challenges and opportunities (i.e., uncertainty) for tech and tech-related jobs. Despite this uncertainty and other trends including the backlash against DEI-related programs, retailers have an opportunity to future proof their talent strategies by leveraging their most important assets—their existing workforce—and developing robust reskilling and upskilling opportunities.
Top Takeaways
- As retailers continue to grow different verticals and expand their ecosystems, they have an opportunity to move beyond traditional tech roles (e.g., data analyst and software engineer) to consider emerging and tech-related roles, such as mechatronics (integrating mechanics, electronics, and computing), electric vehicle fleet technicians, and specialist roles in AI & machine learning, sustainability, and e-commerce.
- Companies, including retail, risk a loss of $8.4 trillion in revenue because of a skills gap and a lack of investment in preparing their workforce for generative AI, robotics, and other tech advancements.
- Retailers centering frontline workers for emerging roles across retail can improve their revenue and branding and experience a diverse workforce with fewer talent shortages. The personal and public costs of not centering opportunity youth and changing their trajectories are $6.3 trillion over the lifetimes of all current opportunity youth.
