March 4, 2019, 8:30 AM EST
Shopping for AI
How retailers are putting AI-powered technologies to useDOWNLOAD
for many respondents. Our Early Adopters set the tone and provide a strong example of how best to prioritize organizational AI decisions.
A new era is dawning across the retail sector, powered by artificial intelligence. Technologies like predictive analytics, chatbots and robotic process automation—all enabled by AI—are creating fresh opportunities for growth, efficiency, and customer engagement. Many retailers are already realizing meaningful value from AI investments, and others expect to in the near future.
But many are struggling to keep up with the wave of transformation remaking the industry. The ability to adapt to an AI economy will separate the winners from the losers in the years ahead. This paper, built on original research by Oxford Economics and Synchrony, provides an overview of progress to date toward AI implementation, key challenges faced by retailers of all sizes, and next steps on the road ahead.
Synchrony, in partnership with Oxford Economics, surveyed 324 executives across seven U.S. retail sectors in late 2018. We found that most retailers are in the early stages of AI adoption, but momentum is building rapidly. Retailers are rightly cautious about the immense hype around AI-enabled technologies, but strongly believe these technologies will power the critical next phase of digital transformation.
Retailers believe strongly in an AI-powered future. Nearly three-quarters of all respondents in our survey say artificial intelligence will be a competitive necessity for their company in the next five years. Nearly half say that the application of AI will have a transformative impact on their business.
The majority of retailers (66 percent) expect AI to increase their business profitability and revenue growth in the next three years.
Learn more about how AI is being used to transform the retail industry by downloading the full white paper:
Transformative Power of AI in Retail.
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