Retailers using artificial intelligence (AI) and machine learning (ML) technologies performed better than their competitors. Both in 2023 and 2024, retail companies using this kind of technologies saw a two-digit growth of their sales compared to the respective previous years. Similarly, their annual profit grew by roughly eight percent, outperforming retailers who did not use AI or ML solutions.
Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024
Characteristic
Currently using AI/ML
Not currently using AI/ML
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The source took into consideration AI/ML use in 11 categories of software:(Forecasting, Order Management, Order Fulfillment, Supply Chain/WHS Management, Merchandise Allocation, Pricing/Promotions, BI/Analytics, Loss Prevention, Sales & Mktg, HR/WFM/App Dev/Customer Service, Other).
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IHL Group. (December 14, 2023). Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/
IHL Group. "Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024." Chart. December 14, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/
IHL Group. (2023). Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/
IHL Group. "Impact of Artificial Intelligence (Ai) and Machine Learning (Ml) Use on Retail Performance between 2022 and 2024." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/
IHL Group, Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024 Statista, https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/ (last visited July 22, 2024)
Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024 [Graph], IHL Group, December 14, 2023. [Online]. Available: https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/