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
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 November 23, 2024, from https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/?source=blogs-glo-FoC
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 November 23, 2024. https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/?source=blogs-glo-FoC
IHL Group. (2023). Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024. Statista. Statista Inc.. Accessed: November 23, 2024. https://www.statista.com/statistics/1453198/ai-and-ml-impact-on-retail-performance/?source=blogs-glo-FoC
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/?source=blogs-glo-FoC
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/?source=blogs-glo-FoC (last visited November 23, 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/?source=blogs-glo-FoC
