A recent survey conducted by Honeywell reveals that the majority of retailers globally are preparing to embrace artificial intelligence (AI), machine learning (ML), and computer vision (CV) technologies within the next year. Nearly 60% of the 1,000 retail directors surveyed across the United States, Europe, the Middle East, and Africa intend to adopt these advanced technologies to enhance both the in-store and online shopping experience. Additionally, the research highlights that retailers perceive AI, ML, and CV as tools that will complement their workforce rather than replace jobs.
With 38% of retailers using these technologies for select use cases or regions and another 35% adopting them on a larger scale, it is evident that the retail industry is recognizing the potential of AI, ML, and CV. Only a mere 3% of the respondents stated that they were not utilizing these technologies at all. Furthermore, nearly half of the retail leaders identified AI, ML, and CV as the top technologies expected to shape profound changes within the retail sector over the next three to five years.
The survey uncovered that retailers are highly motivated to integrate these technologies to achieve various objectives, including improving customer experience, driving productivity, and achieving cost efficiencies and return on investment. The convenience offered by online shopping and the demand for curated in-store experiences have elevated customers’ expectations, compelling retailers to implement innovative technologies that meet these demands.
Retail leaders believe that AI, ML, and CV will bring the greatest value to automating day-to-day tasks, providing customer support through digital channels, creating targeted marketing campaigns, and optimizing inventory management. These technologies have the potential to revolutionize retail operations by delivering personalized experiences, streamlining operations, enhancing inventory management, and preventing fraud, ultimately leading to increased sales and profitability.
Despite the significant potential impact of AI, ML, and CV, the survey data highlights three key hurdles to widespread adoption: budget restrictions, difficulty in demonstrating the business value, and a lack of internal expertise to maintain the technology. However, retailers remain optimistic about the future possibilities of these technologies to attract and retain customers and employees, thereby unlocking new levels of efficiency, engagement, and satisfaction within the retail industry.
Q: How do retailers perceive these technologies?
A: Retailers view AI, ML, and CV as tools that complement their workforce rather than replace jobs.
Q: What are the top reasons for retailers to deploy new technologies?
A: The top reasons for adopting new technologies include improving customer experience, driving greater productivity, and achieving cost efficiencies/return on investment (ROI).
Q: Which functions in retail are expected to benefit the most from AI, ML, and CV?
A: AI, ML, and CV are expected to bring the greatest value to automating day-to-day tasks, supporting customer service through digital channels, creating targeted marketing campaigns, and improving inventory management.
Q: What are the primary barriers to widespread adoption of these technologies?
A: Budget restrictions, difficulty in demonstrating business value, and a lack of internal expertise to maintain the technology are the primary barriers to adoption.