Why more than half of the retailers have not adopted advanced technologies like AI and VR/AR?

A very minute percent of retailers are prepared to incorporate advanced technologies like Artificial Intelligence (AI), augmented reality (AR), virtual reality (VR) and chatbots, to their mobile commerce.

WBR Insight conducted a survey in which out of 100 senior retailer executive, only 9% said they were readily able to support advanced technologies, whereas 52% of them were unable to adopt it.

Majority of the executives (64%) said that the primary reason behind not integrating mobile-based technologies was the high budget requirement. Whereas 55% of them consider the inadequate internal resources and 42% think lack of executive buy-in is the prominent obstacles for them in adopting the advanced technologies.

When asked about the possible implementations of technologies in the coming two years, 27% of the executives preferred AR, 25% are thinking of voice recognition whereas 22% of the executives are considering the adoption of progressive apps.

According to 60% of the retailers, mobile payments can help in improving the mobile commerce. About 48% of retailers think chatbots and AR, while 47% of them assume on-demand same-day service has the highest potential to boost mobile commerce.

The survey suggested, retailers want to implement several mobile technologies, but uncertainties and lack of budget are creating many hurdles. Around 70% of the retailers said mobile commerce sales are less than half of their total sales. Whereas, according to WBR, mobile channels and digital presence is rapidly becoming popular among retailers.

Though very few numbers of retailers are already using AI, AR/VR, and chatbots, but in the coming future, these technologies will be adopted by a significant fraction of retailers to engage mobile customers.

So far, only 5% of retailers using AI or chatbots but 76% of them are either on the verge of rolling it or are expected to implement it in the next two years. Currently, only 1% of the merchants are using AR/VR, but 63% of the retailers are either about to roll it or might adopt it within the next two years.

Almost 24% of retailers have mobile payments already implemented or are rolling it out, whereas 61% are still analyzing this solution or planning to incorporate it in the coming two years. Retailers must consider the implementation of mobile payments on a priority basis, recommends the study.

The second most popular technology among retailers is progressive web apps (PWAs), as 21% already have it or developing it, while 56% are evaluating its implementation in the next two years.

None of the surveyed retailers have implemented biometric technology, making it the least favorite technology. Almost 63% clearly said biometric is nowhere on their priority list so far.

Wearables, like smartwatches and fitness trackers, are also among the least popular technologies as almost half of the retailers are not considering its implementation anytime soon.

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