Only 7% of retailers think that replacing human labor is the main goal of AI, ML, and CV. Most shops, however, view these technologies as a means of enhancing and optimizing their personnel. To enhance the global shopping experience both in physical shops and online, a recent survey released on Monday found that nearly 60% of retailers want to integrate artificial intelligence (AI), machine learning (ML), and computer vision (CV) technologies within the next year. A well-known consumer technology company, Honeywell, conducted the study, which revealed that retailers believe these technological advancements will supplement rather than replace their workforce.
George Koutsaftes, president and chief executive officer of Honeywell’s Safety and Productivity Solutions, highlighted how AI, ML, and CV may completely transform the retail sector by enabling customized customer experiences, optimizing procedures, improving inventory management, and lowering fraud.
These enhancements may raise customer satisfaction, which would ultimately lead to increased sales and profitability. The survey comprised IT, operations, and customer experience, and around 1,000 retail executives in senior management roles from the US, Europe, the Middle East, and Africa took part. According to a study, 38% of shops have already integrated these technologies for particular use cases or in particular locations, while 35% of retailers are adopting them on a bigger scale. Only 3% of respondents claimed to never use these tools, while more than 24% either had dialogues or were in the pilot stage.
Nearly half of the respondents (48%) chose AI, ML, and CV as the three most significant technologies that will have a significant impact on the retail sector over the next three to five years. The biggest benefit from these technologies was predicted to come from the automation of repetitive activities, support for customer service, launch of targeted marketing campaigns, and enhancement of inventory management.
