This tool helps streamline operations and reduce the workload on human staff, potentially leading to better retention rates.

Additionally, Shopify’s AI-powered tools like Media Editor, Product Descriptions, and Product Taxonomy enable retailers to quickly generate brand-aligned images, copy, and product categorisation, allowing staff to focus on more strategic and customer-facing tasks, enhancing job satisfaction and reducing turnover.

This shift towards embracing AI is reflected by a dramatic boost in tech spending in the pipeline for 2024.

“Our research shows that 65 per cent of retailers plan to increase investment in business intelligence, and 64 per cent in automation, to boost efficiency and improve staff retention,” says Broughton.

By keeping staff retention at the forefront, retailers can focus on efficiency through the implementation of AI-powered tools.

Reallocating using data insights

Understanding the strategic allocation of staff resources is critical for businesses to effectively and efficiently meet internal and external demands.

“Leveraging data-driven insights allows retailers to pinpoint where staff resources are most needed and prioritise accordingly,” says Broughton.

By closely analysing which operations are managed by which staff members, businesses can find opportunities to integrate automated processes, which in turn can free up staff for more valuable, customer-facing tasks, particularly during peak periods like Black Friday and Cyber Monday.

“Consolidated data in a unified commerce platform is key to better decision-making, resource allocation and operational efficiency.”

Scott Wiltshire, ANZ vice president and general manager of Oracle NetSuite, says AI and automation are not only addressing the industry’s persistent challenges, such as high staff turnover, but also paving the way for more efficient operations and enhanced customer experiences.

“AI and automation can really make a difference by taking over the most repetitive tasks, letting employees ditch the mundane and focus on more important, strategic activities,” Wiltshire says.

“This not only makes things more efficient but also gives employees time to work on things they want to work on, boosting job satisfaction and ultimately improving the customer experience.”

Reducing burnout

Moreover, AI can predict turnover trends and identify potential issues early on, allowing businesses to forecast busy periods and plan accordingly.

“By analysing past and current data, businesses can forecast busy times, like sales events, and can plan ahead,” says Wiltshire.

This proactive approach helps optimise staffing needs, reducing burnout, and ensuring adequate coverage during peak times.

“Automated training systems can also make onboarding new hires faster and more effective, helping them feel better prepared from day one,” Wiltshire says.

Breaking down silos

One of the significant hurdles retailers face is the fragmentation of data across different systems.

“Siloed data systems create data inconsistency and business visibility challenges,” Wiltshire says. “To tackle these challenges, retailers need to unify data in a single integrated platform to improve operational efficiency.”

Please visit Shopify to download The Australian Retail Report 2024.