Will AI Transform Retail?

According to an August 2018 survey of 400 retail executives worldwide by Capgemini, AI could save retailers as much as $340 billion annually by 2022. Capgemini estimates that 80% of the savings would come from AI enabling more efficient processes for supply chains and returns. Roughly 10% of respondents said customer-facing AI functions, such as chatbots and self-checkout services, will benefit retailers by enhancing customer satisfaction. A similar number of respondents in Capgemini's survey said that AI will increase promotion efficiency and reduce customer complaints. The study also found that AI can boost promotion efficiency by enabling automated ad buying, personalizing customers' online experiences and serving users targeted recommendations.