AI is here to stay, but it’s moving so fast, it’s hard to know where it’s going. From our daily lives as consumers to our operations in business, it’s hard to keep up with the changes and trends that are transforming entire industries virtually overnight — and sometimes repeatedly.
AI is here to stay, but it’s moving so fast, it’s hard to know where it’s going. From our daily lives as consumers to our operations in business, it’s hard to keep up with the changes and trends that are transforming entire industries virtually overnight — and sometimes repeatedly.
More specifically, the retail and shopping experience are changing perhaps faster than any other area of business, including online and in-person shopping experiences.
This was the theme of “The future of retail: Emerging technologies revolutionizing the shopping experience,” a keynote address delivered at the Interactive Customer Experience Summit, which was hosted by Networld Media Group in Charlotte, North Carolina. The summit was co-located with the Bank Customer Experience Summit.
The keynote was delivered by Steven King, CEO at Blue Sky Robotics and Chief Innovations Officer at the University of North Carolina at Chapel Hill. As a business leader and a professor, King fused practical and theoretical perspectives to bring insight on the future of technology and artificial intelligence (AI), with a special focus on retail and shopping customer experience.
Past as prologue
King began by highlighting the historical context of technological advancements, drawing parallels between past innovations and current trends.
King emphasized the importance of understanding the cultural aspects of technology adoption, using the example of the microwave oven. Despite its promise of convenience, the microwave did not replace traditional cooking methods due to the cultural significance of cooking and family interactions.
This analogy set the stage for a deeper exploration of how new technologies, such as electric cars, augmented reality, and AI, are shaping our future.
King shared a range of multimedia to illustrate the speed of tech development throughout his presentation, which began with King dismissing the in-person Emcee to have an AI avatar do his speaker introduction. He also shared a now-viral video of the ChatGPT robotics division applying its technology to physical robots (see below).
Trends vs. fads
One of the key themes of the address was the distinction between trends and fads. King explained that trends have a slow and steady growth trajectory, gaining momentum over time and exhibiting greater staying power. In contrast, fads experience rapid popularity but quickly fade away. He cited the example of the iPhone and iPad as enduring trends, while most experts would probably now agree that the Snap Spectacles were a fleeting fad. This distinction is crucial for understanding which technologies will have a lasting impact on society.
Another powerful example is the so-called “metaverse,” which at one point formed the center of a major pivot at Meta (formerly known as Facebook); recently, King noted, CEO Mark Zuckerberg has been talking a lot less about the metaverse as the be-all and end-all for his company than he had been a few short years ago.
Does that mean the metaverse was a complete fad?
“I would argue that it is a fad, but there are elements of it that are going to stick around. For example, having collaborative meetings in 3d space, and using the metaverse to engage with family members on a limited basis, because it’s a way of engaging and doing fun things together,” King said. “More specifically to our industry, one of the things that has come from it is augmented reality, and the idea that I can see the real world and augment or add content to that. And we see this in consumer apps, like different makeup options, where we can see what it looks like, and where this technology pairs with smart glasses.”
King argued that augmented reality (AR) has shown more staying power than the metaverse in general, with AR applications ranging from consumer apps to large-scale experiences like Pokémon Go. AR’s ability to enhance real-world experiences by adding digital content has made it a valuable tool for both consumers and businesses.
Robots are here – and they won’t always be humanoid
Robotic assistance was another focal point of the keynote. King discussed the current state of humanoid robots, noting that while the quest for humanoid robots is ongoing, practical applications are still a decade away. He highlighted the success of task-oriented robots, such as the Roomba, and the potential for robotic assistance in industries like food service. King’s firm, Blue Sky Robotics, for instance, is exploring the use of robots in restaurant kitchens to perform repetitive tasks, addressing labor shortages and improving efficiency.
Interestingly, designing robots around tasks without starting with a human-style design has often led to far greater efficiency, and King argued that as people become more comfortable with robots (especially “cobots,” a term for robots working directly with human colleagues in the workplace on a constant basis), we will see robots moving farther and farther from the human shape to boost productivity (though some applications, such as customer service at a store or airport entrance, will likely retain human morphology for obvious psychological reasons).
Prepare for the future, invest in privacy, security
One of the unique aspects of the keynote was the way King engaged the audience throughout (rather than simply doing a final Q&A). In one of these mini-Q&A sessions, an audience member issued a bold challenge to the innovator: to make a specific prediction about something that, in five years, King could tell the market and the world, “I told you so.”
“I think we’re going to see a significant crackdown on what people think they’re willing to do regarding their privacy,” King said, and he stated his belief that in the next half decade, there will be some kind of significant data and security breach that will scare consumers to the degree that they (and the American government) will act to significantly regulate and control private data.
One of the implications for retail and other operators, in this view, is to be proactive and have world-class security and privacy policies already in place for customers, to help protect the business in case of such an incident.
The keynote also touched on the ethical considerations of AI and the importance of transparency in AI-driven decision-making. King stressed that executives must understand how AI reaches its conclusions and ensure that ethical checks are in place. He cited the example of dynamic pricing systems that inadvertently discriminated against certain demographics, underscoring the need for vigilance in AI implementation.
In addition to discussing the current state of AI, King provided insights into the future of AI-driven technologies. He highlighted the potential of natural language processing and large language models, such as ChatGPT, to revolutionize customer interactions and provide valuable insights. However, he cautioned against over-reliance on AI and emphasized the importance of intuitive interfaces that do not require constant AI intervention.
The address concluded with a call to action for businesses and individuals to stay informed about technological advancements and their implications. King encouraged the audience to embrace innovation while remaining mindful of the ethical and cultural dimensions of technology adoption. By understanding the nuances of trends and fads, and by prioritizing transparency and ethical considerations, businesses (and society at large) can harness the full potential of AI and other emerging technologies to create a better future.