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According to recent research by Analytics Insight, by 2025, 80 per cent of retail executives expect their companies will use intelligent automation technologies, and a further 40 per cent already use some form of it. | Source: iStock
According to recent research by Analytics Insight, by 2025, 80 per cent of retail executives expect their companies will use intelligent automation technologies, and a further 40 per cent already use some form of it. | Source: iStock

Retailers warned: Think twice before embracing the tech revolution

Artificial Intelligence (AI) has become an increasingly hot talking point among jewellery retailers; however, an Australian lawyer is encouraging business owners to think twice before implementing it.

AI programs offer jewellery retailers a range of potential advantages. Possible applications include virtual try-on programs, customer service support, and administrative management.

In a recent interview, Bartier Perry commercial partner Rebecca Hegarty said that many retailers aren't adequately prepared for the potential issues raised by AI.

“Reports indicate the generative AI market will be worth an estimated $1.3 trillion by 2032,” Hegarty told Ragtrader.

“So, it’s not surprising many retailers are adopting or trialling the technology, but they should be aware of the risks. Simply claiming that it was the AI’s fault when something goes wrong is neither a sound legal or reputational defence.”

She said that retailers must understand the risks involved and which legal protections are in place in the event of an issue, emphasising that this is not 'set and forget' technology.

“From a purely legal perspective, putting customer or other data into AI tools or models raises significant data protection and privacy issues," she added.

"There are also risks in retailers unwittingly inputting or assigning valuable commercial or intellectual property to a generative AI tool."

According to recent research by Analytics Insight, by 2025, 80 per cent of retail executives expect their companies will use intelligent automation technologies, and a further 40 per cent already use some form of it.

More reading
Artificial Intelligence: Over-capitalised and under-utilised
Artificial Intelligence: One step at a time
Crystal Ball 2030: What does the future hold for the jewellery industry?
Will you embrace the advantages of Artificial Intelligence?
The jeweller’s digital tool belt

 











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