As per the latest global study from Capgemini, the utilization of Artificial Intelligence offers nearly USD340 billion cost-saving opportunities for those retail companies that are capable to measure and enlarge the scope of their existing deployments. However, the outcomes from the study titled, Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity, revealed that only 1-percent of retailers have reached this level of deployment to date.
Through this study, the researchers found that most of the retailers are concentrating their AI efforts on sales and marketing when there is a momentous opportunity to let loose AI use cases across the value chain. In a statement, Vice President, Global Consumer Products and Retail Sector at Capgemini, Kees Jacobs stated that his teams’ research shows a clear inequity of organizations prioritizing cost, data, and Return on Investment (ROI) when deploying AI, with just a small minority of concern regarding the customer pain points. The study, released by the Capgemini Research Institute, the researchers observed 400 global retailers who are employing AI use cases at various stages of maturity. Although, this retailers’ group represents 23 percent of the global retail market by revenue. The study, by revenue, further involved a wide-ranging analysis of public data from the world’s largest 250 retailers.
In addition, the researchers found that 28 percent of retailers were implementing AI in 2018 that was a major boost of AI deployments from the year 2017, 17 percent, and compared to 2016 that was a seven-fold increase. Due to AI deployment, dispelling fears of significant job losses the results revealed that 71 percent of retailers responded that AI was generating jobs today, with over 68 percent of the jobs being at a senior. While 75 percent of responders claimed that Artificial Intelligence hasn’t reinstated any jobs in their companies so far.