Retail technology in the United Kingdom (UK) - Statistics & Facts

In Europe, the utilization of Internet of Things (IoT), Augmented Reality (AR) and Virtual Reality (VR) is now a major benchmark retailers measure themselves against to gain leverage, paving the way for increased standards of customer experience. Retailers in major European countries are all too aware of the need for adamant digital transformation across this industry. In recent years, there has been more financial deals going into funding startups that offer retail technology solutions, with Europe accounting for 22 percent of all global deals in 2020.

Future of AI-driven retail in the UK

In the United Kingdom, where online already has a sure foothold in retail, technologies powered by Artificial Intelligence (AI) have also been implemented in a range of business divisions including e-commerce, warehousing, product design and customer service. According to a forecast, by 2030, in the United Kingdom many retail jobs are expected to be performed and replaced by technologies powered by AI. While retail technologies driven by data, AI, and AR are thought to be a game changer in the retail industry, consumers are adapting well to the innovative and disruptive shopping experience provided by retail tech endevours of brands. In the UK, over 40 percent of Gen Z consumers are forecast to be using AR while shopping. Already, a large majority of UK individuals thought AR would be a useful and important technology in the next five years.

Consumer concerns about privacy and data

Although retail technology is often implemented for consumer convenience and ease of use, digital technologies, especially those that depend on customer data, are not immune to concerns and worries coming from consumers. Now a highly regarded currency for businesses, personal data is also an asset over which consumers are empowered to exert more control and choice. In the UK, online shopping and retail gauged the most trust from consumers regarding handling personal data. Undoubtedly, an important milestone for use of personal data was the introduction of the General Data Protection Regulation (GDPR) that was put into effect by the EU on 25 May 2018. When asked about their opinion on GDPR, a survey revealed that a sizeable portion of individuals found GDPR an important step in holding companies accountable in the case of any breach or misuse of personal data. Yet, among UK consumers, the rate of individuals who took actions to limit their personal data sharing was relatively low in all age groups.

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