Artificial Intelligence to shape global retail over next one year, reveals new survey- The New Indian Express

By Categorical Information Service

BENGALURU: Retailers see Synthetic Intelligence (AI), Machine Studying (ML) and Laptop Imaginative and prescient (CV) as instruments to enhance and maximise their workforce, moderately than to exchange workers.

A brand new survey launched by Honeywell on Monday reveals that almost six in 10 retailers plan to undertake AI, ML and CV applied sciences over the following yr to boost the purchasing expertise supplied inside shops and on-line.

The analysis additionally signifies that retailers see this new expertise as complementing and enhancing their workforce and never eliminating jobs.

Honeywell’s AI in Retail survey concerned practically 1,000 retail administrators, and 38% of these surveyed are utilizing these newest applied sciences for choose use instances or areas, 35% are utilizing them on a bigger scale, about 24% are in a pilot section or in discussions, and solely 3% stated they weren’t utilizing these applied sciences in any respect.

Practically half (48%) of respondents recognized AI, ML and CV as the highest applied sciences anticipated to have a major affect on the retail trade over the following three to 5 years.

“In at the moment’s retail atmosphere, there may be larger consideration on the shopper expertise together with an elevated must innovate in a hyper-competitive atmosphere,” stated George Koutsaftes, president and CEO of Honeywell Security and Productiveness Options.

“New applied sciences like AI, ML and CV have the potential to allow retailers to ship personalised experiences, optimise operations, enhance stock administration and forestall fraud – all of which improve buyer satisfaction and might result in elevated gross sales and profitability,” he stated.

Price range restrictions (39%), Issue in demonstrating enterprise worth (29%) and lack of inner experience to keep up the expertise (21%) are three main boundaries to widespread adoption.

“The significance of attracting and protecting prospects and workers has by no means been larger,” stated Koutsaftes. “As AI continues to evolve, count on an thrilling future the place progressive applied sciences unlock new ranges of effectivity, engagement and satisfaction in retail.”

<br /> BENGALURU: Retailers see Synthetic Intelligence (AI), Machine Studying (ML) and Laptop Imaginative and prescient (CV) as instruments to enhance and maximise their workforce, moderately than to exchange workers.</p> <p>A brand new survey launched by Honeywell on Monday reveals that almost six in 10 retailers plan to undertake AI, ML and CV applied sciences over the following yr to boost the purchasing expertise supplied inside shops and on-line.</p> <p>The analysis additionally signifies that retailers see this new expertise as complementing and enhancing their workforce and never eliminating jobs.googletag.cmd.push(perform() {googletag.show(‘div-gpt-ad-8052921-2’); });</p> <p>Honeywell’s AI in Retail survey concerned practically 1,000 retail administrators, and 38% of these surveyed are utilizing these newest applied sciences for choose use instances or areas, 35% are utilizing them on a bigger scale, about 24% are in a pilot section or in discussions, and solely 3% stated they weren’t utilizing these applied sciences in any respect.</p> <p>Practically half (48%) of respondents recognized AI, ML and CV as the highest applied sciences anticipated to have a major affect on the retail trade over the following three to 5 years.</p> <p>“In at the moment’s retail atmosphere, there may be larger consideration on the shopper expertise together with an elevated must innovate in a hyper-competitive atmosphere,” stated George Koutsaftes, president and CEO of Honeywell Security and Productiveness Options.</p> <p>“New applied sciences like AI, ML and CV have the potential to allow retailers to ship personalised experiences, optimise operations, enhance stock administration and forestall fraud – all of which improve buyer satisfaction and might result in elevated gross sales and profitability,” he stated.</p> <p>Price range restrictions (39%), Issue in demonstrating enterprise worth (29%) and lack of inner experience to keep up the expertise (21%) are three main boundaries to widespread adoption.</p> <p>“The significance of attracting and protecting prospects and workers has by no means been larger,” stated Koutsaftes. “As AI continues to evolve, count on an thrilling future the place progressive applied sciences unlock new ranges of effectivity, engagement and satisfaction in retail.”<br />