Survey: Retailers call AI 'critical' for staying ahead of the competition
A majority of retailers believe that artificial intelligence is important for standing out among competitors while consumers are continuing to be more receptive to the technology.
That’s according to a new report from vision AI provider Everseen, based on a survey of 200 loss prevention retail executives and more than 1,000 American consumers. Nearly two-thirds (63%) of retailers say AI is critical to maintaining a competitive edge. Retail leaders expect an average 51% return on investment from AI deployments within the first three years.
More than half (55%) of consumers are comfortable with AI and advanced retail technology, and nearly two-thirds (65%) say AI makes shopping more convenient. However, transparency is important for consumers, as 72% want greater transparency about AI use in grocery and retail stores.
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Retailers rank better customer service and support (31%) and improved store layout and navigation (31%) as the top benefits of AI, while consumers see AI improving their experience through faster checkouts (44%), better inventory management (43%), and more personalized shopping (24%).
“AI is already transforming retail – driving efficiency, reducing shrink, and enhancing customer experiences,” said Alan O’Herlihy, CEO of Everseen. “It's encouraging to see the shared perspective of consumers and retailers on how AI can improve the shopping experience. The insights from this report can help the industry align on key success factors for AI, including measurable impacts on shrink reduction and the importance of transparency."
Loss prevention is one of the key areas where retailers are turning to AI, according to the survey, with 60% of retailers having implemented AI and another 30% planning to do so within the next year. Nearly three-quarters (74%) of consumers believe theft leads to store closures, and 59% believe AI technology, such as product recognition at checkout, can help reduce it.
Despite plans for further expansion of the technology, retailers cite time and resources for training (47%), customer acceptance and trust (46%), and integration with existing systems (44%) as key hurdles when implementing AI.
