AI set to transform retail industry in 2019

null

AI is set to have a significant impact on many industries in 2019, with retail leading the way, new research has said.

Capgemini's latest findings says that businesses are no longer 'hyped' about AI, their expectations are lower, but have now actually started to work on it and use it to their advantage. The result is an opportunity worth more than $300 billion, for organisations that are able to scale and expand the scope of their existing deployments (just 1 per cent out of the global 400 it polled).

It also says the number of deployments has grown seven times in the period between 2016 and 2017. AI’s biggest scare – that it will ‘steal’ jobs from people, seems to be nothing more than a myth. The report says AI is actually creating more jobs for 71 per cent of retailers, more than two thirds of which are at the senior level.

Businesses expect a reduction in customer complaints and an increase in sales.

“For global retailers, it appears reality has kicked in regarding AI, both in terms of what the technology can achieve and what they need to do to get there. Of course, deploying and scaling will be the next big objective, but retailers should be wary not to chase ROI figures without also considering the customer experience,” commented Kees Jacobs, Vice President, Global Consumer Products and Retail Sector at Capgemini.

“Our research shows a clear imbalance of organizations prioritizing cost, data and ROI when deploying AI, with only a small minority considering the customer pain points also. These two factors need to be given equal weighting if long-term AI growth, with all of the benefits it brings, is to be achieved.”

You can find the full report here.

Image Credit: PHOTOCREO Michal Bednarek / Shutterstock