Retail Automation: Stranded Workers? Opportunities and risks for labor and automation

December 3, 2019

The retail landscape is experiencing unprecedented change in the face of disruptive forces, one of the most recent and powerful being the rapid rise of automation in the sector. The World Economic Forum predicts that 30-50% of retail jobs are at risk once known automation technologies are fully incorporated. This would result in the loss of about 6 million retail jobs and represents a greater percentage reduction than the manufacturing industry experienced. Using Osborne and Frey study1 with the Bureau of Labor Statistics, the analysis suggests that more than 7.5 million jobs are at high risk of computerization. A large proportion of the human capital represented by the retail workforce is therefore at risk of becoming “stranded workers.”

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RS2 Software PLC is the publicly listed company behind the BankWORKS® payment processing software used by major banks, payment service providers and other financial institutions all over the world. It is the transaction processing power behind some of the world’s most innovative and fastest growing Payments companies and is currently deployed in 27 Countries all around the world.

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