More than eight out of ten retailers intend to expand the use of automation and artificial intelligence (AI) throughout their operations in order to better serve customers, improve employee skills, and adjust to changing consumer behaviors, according to Honeywell AI in Retail Survey results. A large increase in AI investment is planned by 35% of major retailers.
Retailers are increasingly investing in AI to address the biggest pain points they face in today’s fast-paced, omni-channel environment, such as better return management, automating customer service, and tracking product availability, according to new Honeywell AI-focused research with major U.S. retailers and holiday shoppers.
Retailers are utilizing AI to boost employees’ abilities and on-the-job experience, according to Honeywell’s poll. This might eventually help fill the more than 580,000 retail job openings that are anticipated in the United States this year.
Among the main conclusions were:
- More than half of the surveyed retail leaders said that AI improves employee retention, and 52% believe AI can help employees progress more quickly in their careers, expand their soft skills and continuously provide value to their jobs.
- More than half (6 in 10) of retail executives said that AI tools make the job easier for employees, while 55% said they increase job satisfaction. This aligns with the retail industry’s increasing focus on how employee satisfaction can support the customer experience for their businesses.
AI is also playing an increasingly important role in improving shoppers’ customer experience, both online and in person. It can provide shoppers better access to information, speedier transactions as well as an easier way to compare prices.
Key findings from Honeywell AI survey of shoppers included:
- Two-thirds of surveyed consumers (66%) reported that they have used AI while shopping, whether to ask a question via a chat bot, compare prices for an item across retailers or summarize customer reviews.
- Comparing prices across stores is by far the most sought-after use case for AI (53%) followed by checking product availability (41%) and having a simpler and more seamless checkout experience (34%).
Key Comments
“We are truly in the midst of a new era for the retail sector where evolving AI capabilities will make a positive impact on the shopper’s journey, the employee experience and the retailer’s supply chain operation,” said David Barker, president of Honeywell Productivity Solutions and Services. “On their journey toward autonomous operations, retailers are looking for AI and automation solutions that provide actionable data and help to upskill their employees.”
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