0 0

Honeywell has released the findings of its AI in Retail Survey, which found that more than 8 out of 10 retailers plan to increase the use of automation and artificial intelligence (AI) across their operations to adapt to changing consumer behaviours, enhance employee skills, and improve shoppers’ efficiency. Moreover, thirty-five per cent of major retailers plan to increase their AI investment significantly.

Honeywell research finds both retailers and shoppers seeing value in AI to enhance the shopping experience Image source Honeywell

In a recent AI-focused research initiative involving major U.S. retailers and holiday shoppers, Honeywell discovered a growing trend of AI adoption. Retailers are increasingly turning to AI to tackle the most pressing issues in today’s fast-paced, omnichannel environment, such as streamlining return management, automating customer service, and ensuring product availability.

“We are truly in the midst of a new era for the retail sector where evolving AI capabilities will make a positive impact on the shopper’s journey, the employee experience and the retailer’s supply chain operation,” said David Barker, president of Honeywell Productivity Solutions and Services. “On their journey toward autonomous operations, retailers are looking for AI and automation solutions that provide actionable data and help to upskill their employees.”

Honeywell’s survey findings reinforce the notion that AI is not just a technological advancement, but also a potential solution to the growing number of job openings in the U.S. retail sector.

Retailers are leveraging AI to enhance their employees’ skills and job satisfaction, which could help fill the more than 580,000 projected U.S. retail job openings this year. Key findings included:

  • More than half of the surveyed retail leaders said that AI significantly improves employee retention, and 52% believe AI can help employees progress more quickly in their careers, expand their soft skills and continuously provide value to their jobs.
  • More than half (6 in 10) of retail executives said that AI tools significantly ease the job for employees, while 55% said they increase job satisfaction. This aligns with the retail industry’s increasing focus on how employee satisfaction can support the customer experience for their businesses.

AI is also playing an increasingly important role in improving shoppers’ customer experience, both online and in person. It can give shoppers better access to information, faster transactions, and an easier way to compare prices. Key findings from Honeywell’s survey of shoppers included:

  • Two-thirds of surveyed consumers (66%) reported using AI while shopping, whether to ask a question via a chatbot, compare prices for an item across retailers or summarise customer reviews.
  • Comparing prices across stores is by far the most sought-after use case for AI (53%), followed by checking product availability (41%) and having a more straightforward and seamless checkout experience (34%).

The AI-Powered Future of Retail

The retail landscape is on the cusp of a significant transformation. With over 80% of retailers planning to increase their AI capabilities by 2025, the industry is poised for a surge in efficiency, personalisation, and customer satisfaction.

  • Enhanced Customer Experiences: AI-powered tools will enable hyper-personalised shopping experiences, from targeted recommendations and personalised offers to AI-driven chatbots providing instant customer support.
  • Streamlined Operations: Retailers can leverage AI to optimise inventory management, predict demand, automate tasks, and improve supply chain efficiency, leading to cost savings and reduced waste.
  • Increased Competitiveness: Retailers who embrace AI will gain a significant competitive advantage by better understanding customer behaviour, anticipating market trends, and delivering superior service.

However, this rapid AI adoption also presents challenges. Retailers must invest in robust data infrastructure, ensure data privacy and security, and upskill their workforce to utilise AI technologies effectively. Those who successfully navigate these challenges will be well-positioned to thrive in the increasingly competitive and data-driven retail environment of the future.

About Post Author

Jordan

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Translate »