Retailers, their staff, and managers who implement artificial intelligence (AI) in their organizations agree that AI will impact how retail stores and ecommerce sites operate.
However, a new survey of 165 retail organizations from market research firm First Insight reveals that CEOs do not always see eye to eye on how AI will impact different technology applications and business strategies on a line-item basis.
“The strategic disconnect discovered between retail CEOs and their management teams points to a severe knowledge gap within enterprise-level retailers that will impede future growth and profitability,” First Insight says. “CEOs and their teams will need to transform their organizations into more agile, data-driven businesses by leveraging AI’s vast potential not simply to cut costs, but also to win at innovation.”
Key findings about AI in retail
- More than half of respondents are leveraging AI in some capacity across their businesses today.
- While more than half of respondents are familiar with AI in retail and believe it is used for both internal and external-facing functions, too many respondents are still unfamiliar with both.
- More than half of CEOs of enterprise-level businesses believe that the role of AI-based technology is fundamental to the future of retail.
- Generative AI for personalized marketing and recommendation engines was selected as the top application holding the most promise for retail over the next 5 years.
“AI in Retail will continue to gain importance and traction for customer experience, predictive analytics, and cost savings,” the report says. “CEOs and their teams need to understand the various benefits AI can bring to their businesses, after which they can agree on the strategy that best serves their businesses and customers. There is no “one size fits all” AI implementation strategy.”
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