Artificial Intelligence has already become part of everyday life. From the chatbot in the contact center answering queries to the recommendations and offers received from supermarkets. The changing landscape across today’s retail and consumer industries has resulted in a rapid rise of emerging technologies, especially when it comes to automation and artificial intelligence. Retail is one of the sectors that already implemented and invested in cognitive and AI technologies, resulting in new and unexpected offers for consumers and shoppers around the world. Retailers are increasingly using innovative technologies to offer new ways to shop both online and in-store and provide rewarding careers for employees.
Key Findings of The Coming AI Revolution in Retail and Consumer Products Report 2019:
- Retail and consumer products executives reported that intelligent automation capabilities could help increase annual revenue growth by up to 10%.
- 64% of surveyed executives that got plans to execute intelligent automation in 3 years are expecting that it will increase their operational efficiency.
- 70% of surveyed executives who uses intelligent automation reported that they are experiencing an increase in their revenue growth as an impact of this implemented technology.
- Securing the necessary platforms and devices is an intelligent automation implementation success factor with a rate of 38%.
- 79% of retail and consumer products companies expect to be using intelligent automation for customer intelligence by 2021.
Figure Shows The Impacts And Benefits of Using Intelligent Automation, 2019.
What’s in “The Coming AI Revolution in Retail and Consumer Products Report 2019” Report:
- Shifting into high gear with intelligent automation.
- Focusing internally today, externally tomorrow.
- Boosting manufacturing and design in consumer products.
- Targeting the supply chain and store operations in retail.
- Expecting efficiency, gaining agility.
- Measuring impact across functions.
- Creating a better customer experience.
- Improving inventory productivity and operational agility.
- Plotting the path to the future.
- Key questions.
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Data is based on an analysis from the IBM and Oxford Economics in association with National Retail Federation surveyed 1,900 retail and consumer products leaders in 23 countries between July and September of 2018. Participants included executives in the supply chain, store operations, merchandising, product design, finance, sales and marketing, and customer-focused areas.