AI Steps into the Retail Arena
Generative AI has put the retail industry at yet another inflection point. 2023 was a period of experimentation for retailers, and many thoroughly assessed where this new technology could have the biggest impact.
As the use cases for this technology have become more clear, in 2024 we’ll see generative AI step into the arena as retailers move from experimentation to production, unlocking both efficiency and revenue opportunities — securely and at scale.
Just as with the acceleration of digital in the dawn of ecommerce, and again during the early days of COVID when companies that took a “wait and see approach” were left far behind, we’re again at a pivotal moment. Retailers must move quickly to deploy transformative technologies or risk putting relevancy and their brand experience at risk. Now is not the time to be in analysis paralysis.
In new research that Google Cloud led in the U.S. across retail C-suite executives, information technology leads and business development managers, we found that 81% of retail decision makers feel urgency to adopt generative AI technologies, with 72% ready to deploy generative AI in the coming year.
But for many retailers the question remains, “Where can this new technology best help my organization now?”
5 Ways Retailers will see Impact from Generative AI
In 2023, generative AI emerged as one of the fastest-growing technologies to date, with retailers moving quickly to pilot and explore generative AI tools. Our recent study also revealed that the majority (75%) of surveyed retail decision makers believe generative AI can be practically deployed in their business, and 78% believe generative AI will impact their industry in the next 12 months.
A common question we get across industries is, “What makes generative AI different from other forms of AI that have come before?” Put simply, generative AI offers unprecedented ease of use to help solve everyday problems. Today’s shoppers expect real-time responses, seamless omnichannel shopping, virtual shopping assistants, customized offers and more. Generative AI is poised to help retailers deliver on these expectations while also providing internal benefits like productivity gains and a better employee experience. In fact, nearly all (95%) of retail decision makers in our recent research say that generative AI will have an impact on customer experience.
Retail TouchPoints
