According to a recent report released on Monday, about 60% of retailers plan to adopt artificial intelligence (AI), machine learning (ML), and computer vision (CV) technologies within the next year in an effort to improve the global shopping experience both in physical stores and online. The study, which was performed by Honeywell, a well-known consumer technology business, showed that merchants believe these technological developments will complement rather than replace their personnel.
George Koutsaftes, president and chief executive officer of Honeywell’s Safety and Productivity Solutions, emphasized how AI, ML, and CV may revolutionize the retail industry by enabling tailored consumer experiences, streamlining processes, enhancing inventory management, and reducing fraud. These improvements could increase consumer happiness, which would ultimately result in more sales and profitability.
Around 1,000 retail executives in senior management roles from the US, Europe, the Middle East, and Africa participated in the poll, which included IT, operations, and customer experience.
According to research, 35% of retailers are using these technologies on a larger scale, while 38% of retailers are already integrating them for specific use cases or in certain locations. Only 3% of respondents admitted to not using these technologies at all, while over 24% are either in the pilot stage or are having conversations.
The three most important technologies that will have a substantial impact on the retail sector over the next three to five years were named by nearly half of the respondents (48%) as AI, ML, and CV. The automation of repetitive processes, support for customer service, initiation of targeted marketing campaigns, and improvement of inventory management were projected to provide the greatest value from these technologies.