That got your attention, right?
After all, who wouldn’t like to add £2.9m to their retail business’s turnover?
And all it takes to get started is a single phone call?
Tell us the secret, you might cry.
It’s not a secret though. It’s something you’ll all have heard of, but perhaps are still overlooking.
Did you feel a little bit of disappointment there? Were you hoping for something left-field or unknown?
The results speak for themselves though. AI experts Peak have found that businesses that are making use of AI are growing 30% faster than those who aren’t.
What’s more they have 50% higher profit margins to boot.
How does that equate to £2.9m then?
Let’s say a normal retail business grows at 3% a year. After three years of 3% growth, its turnover will be 9.3% bigger.
A business that makes use of AI can expect to grow 30% faster. So instead of growing at 3% a year, it will grow at a rate of 3.9% a year. After three years of 3.9% growth, its turnover will be 12.2% bigger.
So, a business that turns over £100m a year and doesn’t use AI will turn over £109.3m after 3 years.
A £100m turnover business that DOES use AI will turn over £112.2m after three years.
That’s a difference of £2.9m.
AI is absolutely the quickest win in retail today. And you can get started with it today by simply picking up the phone to an expert (if you don’t have the skills to do it yourself).
Ok, maybe you won’t solve AI for your specific business in just one phone call, but that single call can start the process to £2.9m more turnover. That’s a process worth instigating.
Here’s the thing though. According to BRP, 53% of top North American retailers say they will implement AI within the next three years. This figure includes the 5% that have already implemented it.
That means that nearly half of retailers aren’t considering implementing AI anytime soon. Those retailers are leaving a possible £2.9m on the table.
Don’t be one of them.