Approximately 60% of retailers have intentions to embrace artificial intelligence (AI), machine learning (ML), and computer vision (CV) technologies within the next year, aiming to elevate the global shopping experience both in physical stores and online, as outlined in a fresh report released on Monday. Honeywell, a leading consumer technology company, conducted the study, revealing that retailers perceive these technological advancements as complementary to and enhancing their workforce, rather than leading to job losses.
Honeywell's President and CEO of Safety and Productivity Solutions, George Koutsaftes, highlighted that AI, ML, and CV could revolutionize the retail sector by facilitating personalized customer experiences, optimizing operations, bolstering inventory management, and preventing fraud. These enhancements have the potential to elevate customer satisfaction, ultimately driving increased sales and profitability.
The survey involved around 1,000 retail executives in leadership positions, encompassing IT, operations, and customer experience, across regions including the US, Europe, the Middle East, and Africa.
Findings indicated that 38% of retailers are presently integrating these technologies for specific use cases or in specific regions, while 35% are applying them on a broader scale. Around 24% are either in the pilot phase or engaged in discussions, with a mere 3% admitting to not using these technologies at all.
Nearly half of the respondents (48%) identified AI, ML, and CV as the paramount technologies set to significantly impact the retail sector over the upcoming three to five years. These technologies were predicted to yield the most value in automating routine tasks, supporting customer service, launching targeted marketing campaigns, and enhancing inventory management.
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The majority of retailers perceive AI, ML, and CV as tools to amplify and optimize their workforce, with only a minor 7% considering their primary role to be the reduction of human labour. This stance underlines the industry's recognition of these technologies as enablers of efficiency and quality enhancement, while also reaffirming the value of human contributions in the retail landscape.
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Inputs from IANS
