Business benefits of AI to retail worldwide 2023

The most important area where IT executives working in retail companies saw the biggest benefit of Artificial Intelligence (AI) was productivity, operational cost reductions, and faster time to profitability. According to the results of a survey conducted in February 2023, other areas such as customer satisfaction, risk management, and personalization were seen as key areas where businesses could benefit from AI.

 

AI in the retail industry

From warehouse automation to efficient store operations, AI has many potential use cases in the retail industry. Around two-thirds of retail professionals view the use of AI as crucial when it comes to optimizing store operations. The market for AI in the retail industry was valued at 6.32 billion U.S. dollars in 2022 and is forecast to grow at a CAGR of 30.5 percent between 2021 and 2028.

 

The AI surge and ChatGPT

Thanks to the release of OpenAI’s chatbot ChatGPT, the level of interest in artificial intelligence and artificial general intelligence among the general public and various business sectors has risen. According to a survey, in the United States, many marketing and advertising businesses have already adopted generative AI in the workplace.