Nearly 60 per cent of retailers will be signing up for artificial intelligence (AI), machine learning (ML) and computer vision (CV) products within the upcoming year.
This revelation stems from a recent Honeywell survey, which revealed a shift towards technology adoption that complements and empowers retail employees rather than replacing them.
The AI in Retail poll, encompassing a thousand retail directors occupying crucial roles in IT, operations and customer experience across regions such as the United States, Europe, the Middle East and Africa, uncovers a range of key findings.
More than 38 per cent of respondents have already integrated these advanced technologies into specific use cases, while an additional 35 per cent have embraced them on a broader scale.
The survey found that 24 per cent are either at the pilot stage or in discussions about their implementation, with a three per cent abstaining from employing these technologies altogether.
AI and its technological counterparts are sure to make a significant impact, as nearly half of participants identified AI, machine learning and cognitive computing as the top technologies expected to revolutionise the retail sector over the next three to five years.
Honeywell Safety and Productivity Solutions CEO George Koutsaftes said: “In today’s retail environment, there is more emphasis on the customer experience, as well as a greater need to innovate in a hyper-competitive environment.”
Koutsaftes said emerging technologies like AI, ML and CV hold the potential to pave the way for tailored experiences, operational optimisation, enhanced inventory management and fraud prevention, all of which converge to heighten customer satisfaction and subsequently fuel greater sales and profitability.
Retailers polled claimed they are strongly driven to implement new technology that will help them reach their objectives. With an aim to elevate customer experience (59 per cent), bolster productivity (49 per cent) and drive cost efficiency while maximising returns on investment (44 per cent), leaders are united in their motivations for technology adoption.
According to the survey respondents, the transformative potential of AI, ML and CV technologies extends across pivotal retail functions, identified as automating and streamlining day-to-day processes such as picking and scheduling, delivering customer service through digital channels via live chat, executing targeted customer marketing campaigns and enhancing inventory management.
