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Honeywell survey: 48% of respondents expect AI, machine learning to significantly affect retail sector
Nearly 48% of respondents to a survey conducted by Honeywell identified artificial intelligence (AI), machine learning (ML) and computer vision (CV) as the top technologies expected to have a significant impact on the retail industry over the next three to five years.
Honeywell’s AI in Retail survey involved some 1,000 retail directors across the United States, Europe, the Middle East and Africa in leadership roles – including IT, operations, and customer experience.
Some of the key findings about the state of AI, ML and CV technologies were that 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 and only 3% said they were not using these technologies at all.
“In today’s retail environment, there is greater attention on the customer experience along with increased need to innovate in a hyper-competitive environment,” said George Koutsaftes, president and CEO of Honeywell Safety and Productivity Solutions. “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.”
The convenience of online purchasing with fast delivery and curated in-store shopping options have raised consumers’ expectations. Surveyed retailers said they are highly motivated to implement new technologies that help them achieve their goals.
Survey respondents predict that AI, ML and CV will bring the greatest value to four key functions in retail: automating and supporting day-to-day tasks, such as picking and scheduling; supporting customer service, including live chat, for digital channels; creating targeted customer marketing campaigns and improving inventory management.
Study findings suggest that most retailers see AI, ML and CV primarily as tools to augment and maximize their workforce, rather than to replace employees. Only 7% of those surveyed said their primary purpose for these solutions would be to reduce human labor. The new technologies can enable better utilization of the workforce through predictive analytics, which can lead, in turn, to improved job satisfaction and more time to focus on higher-value tasks.
Despite the large potential impact of the new technologies – AI, ML and CV – the survey data indicates three primary barriers to widespread adoption budget restrictions (39%), difficulty in demonstrating business value (29%), and lack of internal expertise to maintain the technology (21%).
“The importance of attracting and keeping customers and employees has never been greater,” said Koutsaftes. “As AI continues to evolve, expect an exciting future where innovative technologies unlock new levels of efficiency, engagement and satisfaction in retail.”
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