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Michelle Romero: Michelle.Romero@syf.com Tyler Allen: Tyler.Allen@syf.com
White Paper
March 4, 2019, 8:30 AM EST
Author
Oxford Economics
Abstract:
The retail industry is going through a period of unprecedented transformation, driven in part by the maturation of AI-enabled technologies. Oxford Economics and Synchrony surveyed more than 300 retail executives to assess their progress toward implementing AI—and outline the steps retailers can take to prepare for tomorrow.
72% of retailers say AI will be a competitive necessity for their company in the next five years.
Retailers who have implemented in at least some parts of their business. Percentage of executives who say below elements of AI have been implemented in some parts of business / broadly
Lack of budget
Lack of mature technology
Difficulty prioritizing investments
Early Adopters—implementing all three types of AI in at least some parts of the business—are already realizing value from their investments, with many expecting returns to grow in the coming years. They report seeing transformative value from their AI investments in…
Percentage of executives who say AI investments delivered substantial or transformative value today and in 3 years.
Optimized inventory turnover
Customer complaint resolution
Higher average sales
Although retailers are gaining proficiency with emerging technologies, they need to be strategic about their investments. To realize AI success, retailers must:
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Table of Contents
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Press Release
03/04/2019
MARCH 4, 2019 - STAMFORD, Conn. – To better understand the transformative effect of artificial intelligence (AI) in the retail industry, Synchrony today released a study, done in partnership with Oxford Economics.
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