Global Retailers Eye Adoption Of AI, ML: Report
A report by Honeywell, a leading consumer technology company, shows that around 60% of retailers plan to adopt AI, ML, and CV technologies within the next year to improve the global shopping experience. The study suggests these technologies complement and enhance the workforce, rather than leading to job losses.
A survey of 1,000 retail executives across the US, Europe, the Middle East, and Africa found that 38% of retailers are integrating AI, ML, and CV technologies for specific use cases or regions. 35% are applying them on a broader scale, while 24% are in the pilot phase or engaged in discussions. Nearly half of the respondents identified AI, ML, and CV as the paramount technologies set to significantly impact the retail sector over the next three to five years. These technologies are predicted to yield the most value in automating routine tasks, supporting customer service, launching targeted marketing campaigns, and enhancing inventory management. The majority of retailers perceive AI, ML, and CV as tools to optimize their workforce, underlining their role in efficiency and quality enhancement.
(With inputs from Shikha Singh)
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