6 in 10 retailers plan to adopt AI, ML and CV over next year: Report

Findings from a recent Honeywell survey unveiled that a minimum of 60 per cent of retailers are gearing up to integrate Artificial Intelligence (AI), Machine Learning (ML), and Computer Vision (CV) technologies into their operations within the coming year. The primary objective is to elevate the quality of both in-store and online shopping experiences.

Moreover, the study indicates that retailers perceive these novel technologies as collaborators that will amplify and refine their workforce rather than replacing human jobs. Among the participants, 38 per cent are presently utilising these technologies for specific use cases or in particular regions, while 35 per cent have adopted them on a broader scale. An additional 24 per cent are either in the experimental phase or engaged in discussions about implementation.

Merely a small fraction, constituting three per cent, stated that they haven’t yet incorporated these technologies in any capacity. Notably, almost half of the respondents (48%) singled out AI, ML, and CV as the foremost technologies expected to wield substantial influence on the retail sector in the subsequent three to five years.

“In today’s retail environment, there is greater attention on the customer experience along with an increased need to innovate in a hyper-competitive environment. New technologies like AI, ML and CV have the potential to enable retailers to deliver personalised experiences, optimise operations, improve inventory management and prevent fraud – all of which enhance customer satisfaction and can lead to increased sales and profitability,” said George Koutsaftes, President and CEO of Honeywell Safety and Productivity Solutions.