Wunderkind, the AI-driven performance marketing solution, has shared the findings of its 2024 CMO State of the Union Report. According to this study, 97% of UK retail marketing teams have adopted AI but many are not leveraging its full potential.
In a press release, Wunderkind revealed the top five AI uses: data collection (73%), marketing design (72%), marketing deployment to engage customers (58%), improving site experience (45%), and improving written marketing copy (41%).
While the high adoption rate is good news, Wunderkind notes that the above uses are only focused on facilitating day-to-day and time-intensive jobs. Commenting on this, Wulfric Light-Wilkinson, International GM of Wunderkind, said:
‘AI has rapidly reached a tipping point, achieving mass adoption, though for retailers its applications remain largely limited to a narrow, mostly generative, set of use cases. And, whilst most retailers are commonly using the tech to assist with simple everyday tasks, many haven’t yet reached the point where the technology starts to deliver meaningful outcomes.’
Only 38% of those surveyed have said that they use AI for advanced segmentation and personalisation. Moreover, 17% revealed that their biggest AI-related challenge is understanding how to navigate the tech’s use.
For this reason, Light-Wilkinson advises retailers to ‘focus on enhancing the quality of data’ they feed into their AI systems in order to enable valuable insights that lead to meaningful results.
‘Often, this will require collaboration with third-party AI providers, who have access to vast amounts of data from trillions of digital interactions, helping optimise processes, improve performance, and ultimately deliver a solid return on investment,’ Light-Wilkinson added.
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