Future Focus: Al in Retail - How will Al influence retail in the future?

In our series "Future Focus: Al in Retail", we delve into how Al is reshaping the retail landscape, starting with the future influence of Al.

Based on this recent study, only 20-30% of all retailers worldwide apply Al applications today, with only a few more planning to do so in 2024. Currently there seems to be only little short-term edge of retailers using Al, however the situation could change dramatically in the next 2-3 years.

The current Al wave mimics the growth phase of e-commerce around the year 2000. Many early birds invested millions into this new channel, but many of them did not succeed, lost market share and had to restructure their e-commerce operation with even higher invest. So the fear of many companies for the same to happen using Al is understandable. The main concerns, why companies hesitate to dive into Al:

• Al is a black box to them
• Don't know where to start
• Current data is perceived to be a mess and not suitable for Al

During our meetings with retail decision makers, we found the following two key questions to be of highest relevance before jumping on the Al journey:

How should I start with Al, how could my Al roadmap look like?

How can I embed Al in my organization knowing the scarce resources in my IT teams?

What are your thoughts on this?

#AlinRetail #EcommerceAl #DigitalTransformation #MachineLearning