Nearly six in 10 retailers expect to adopt AI, machine learning and computer vision technologies over the next year with the goal of enhancing the shopping experience online and in the store.
That's a top finding from a survey, AI in Retail, released by Honeywell. The survey also revealed retailers view the new technologies as complementing and enhancing the workforce and not eliminating jobs, according to a press release.
The survey polled 1,000 retail directors in the U.S., Europe, Africa and the Middle East.
Additional findings regarding the state of AI, ML and CV technologies include:
- 38% of those surveyed are using these technologies for select use cases or regions.
- 35% are using them on a larger scale.
- 24% are in a pilot phase or in discussions.
- Only 3% said they were not using these technologies at all.
- Nearly half (48%) of respondents identified AI, ML and CV as the top technologies expected to have a significant impact on the retail industry over the next three to five years.
"In today's retail environment, there is greater attention on the customer experience along with increased need to innovate in a hyper-competitive environment," George Koutsaftes, president and CEO of Honeywell Safety and Productivity Solutions, said in the release. "New technologies like AI, ML and CV have the potential to enable retailers to deliver personalized experiences, optimize operations, improve inventory management and prevent fraud — all of which enhance customer satisfaction and can lead to increased sales and profitability."