Did You Know Retail is All In with AI?

Your next cashier could be a robot, at least if the findings of Honeywell’s latest AI in Retail Survey are accurate. According to the survey, more than 80% of retailers plan to increase the use of automation and artificial intelligence across operations. Of those, 35% plan to significantly increase their investment in AI.

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, according to a media release announcing the survey results.

“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, in the release “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 included:

According to the release, 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.

In addition, the findings showed that 60% 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 with better access to information, speedier transactions as well as an easier way to compare prices, the release states.