AI HAS YET TO MATCH ITS DISRUPTIVE POTENTIAL IN RETAIL

Majority of retail executives questioned are slower to embrace change, as 62% don’t currently use broader AI in their businesses. Retailers are still struggling with data collecting, which prohibits effective use of AI, says the report. Of those who are deploying AI, the focus is on machine learning, with half of respondents saying they are using it to drive sales and anticipate demand, while 46% are utilizing it to personalize offers and understand consumer behaviour. More than a third (38%) of those surveyed use machine learning to target customer segments, while just 4% use it to assess their competitors in the industry.