Artificial Intelligence (AI) is revolutionizing various industries, and the retail sector is no exception. Recent surveys reveal how AI is shaping the future of retail, providing personalized experiences, efficient transactions, and a path to resilience in uncertain times.
AI in Marketing and Sales
The KPMG generative AI survey report: Consumer and retail highlights the current focus of consumer and retail industries on utilizing AI in marketing and sales. The goal is to create more personalized recommendations for consumers and better trend analysis for inventory management. This not only enhances the shopping experience for customers but also optimizes inventory management for retailers.
AI for Resilience Amid Uncertainty
The survey conducted by BCG and the World Retail Congress titled Amid Uncertainty, AI Gives Retailers a Path to Resilience sheds light on the concerns of retailers. These include the rising cost of goods, declining consumer spending, and supply chain volatility. While traditional solutions are being employed to address these issues, there’s a vast opportunity for retailers to embrace AI-powered solutions. These promise to improve resilience and deliver long-term structural advantages.
The retail sector is at a pivotal point where AI can be a game-changer. By harnessing the power of AI, retailers can address their top concerns, deliver an immediate boost to growth, become more resilient, and provide a personalized experience to their customers.