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Honeywell survey: 35% of major retailers plan to significantly increase their AI investment
Thirty-five percent of major retailers plan to significantly increase their AI investment, according to a survey conducted by Honeywell.
Honeywell released the findings of its AI in Retail Survey, which found that more than 8 out of 10 retailers plan to increase use of automation and artificial intelligence (AI) across their operations to adapt to changing consumer behaviors, enhance employee skills and improve efficiency for shoppers.
In new AI-focused research with large U.S. retailers and holiday shoppers, Honeywell found that retailers are increasingly investing in AI to address the biggest pain points they face in today’s fast-paced, omni-channel climate, including improved return management, automating customer service and monitoring product availability.
“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.”
Honeywell’s survey reinforced that retailers are using AI to enhance employees’ skills and improve their on-the-job experience, which could ultimately help fill the more than 580,000 projected U.S. retail job openings this year.
Key findings of the survey included that 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 the customer experience for shoppers, both when shopping online and in person. It can provide shoppers better access to information, speedier transactions as well as an easier way to compare prices.
The survey also uncovered that 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%).
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