Retailers regard tools like artificial intelligence (AI), machine learning (ML), and computer vision (CV) as ways to maximize rather than replace their staff.
Nearly six out of ten retailers want to implement AI, ML, and CV technologies over the next year to improve the shopping experience both in stores and online, according to a new Honeywell survey released on Monday.
According to the research, merchants perceive this new technology as adding and complementing their employees rather than replacing existing positions.
Nearly 1,000 retail directors participated in Honeywell’s AI in Retail survey, and 38% of them said they were using the newest technologies for specific use cases or regions, 35% said they were using them on a larger scale, 24% said they were in a pilot phase or were in discussions, and only 3% said they were not using them at all.
The top technologies anticipated to have a substantial impact on the retail business during the next three to five years were named by nearly half (48%) of respondents as AI, ML, and CV.
“In today’s retail environment, there is greater attention paid to the customer experience along with an increased need to innovate in a hyper-competitive environment,” said George Koutsaftes, president and CEO of Honeywell Safety and Productivity Solutions.
According to him, “new technologies such as AI, ML, and CV have the potential to enable retailers to deliver personalized experiences, optimise operations, improve inventory management, and prevent fraud – all of which enhance customer satisfaction and can result in increased sales and profitability.”
The three greatest obstacles to wider adoption are limited budgets (39%), difficulty proving business value (29%), and a lack of internal competence to maintain the technology (21%).
“The importance of attracting and keeping customers and employees has never been greater,” declared Koutsaftes. Expect an exciting future where innovative technologies unlock new levels of efficiency, engagement, and enjoyment in retail as AI continues to evolve.
