Artificial Intelligence offers $340 billion opportunity to retail sector: Capgemini

The use of Artificial Intelligence (AI) offers about $340 billion cost-saving opportunity for those retail companies that are able to scale and expand the scope of their existing deployments, according to a new global study from French technology services major Capgemini. However, just one per cent of retailers have achieved this level of deployment so far, showed the results from the study titled "Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity". The researchers found that most retailers are focusing their AI efforts on sales and marketing when there is a significant opportunity to unleash AI use cases across the value chain. "Our research shows a clear imbalance of organisations prioritizing cost, data and ROI (return on investment) when deploying AI, with only a small minority considering the customer pain points also," Kees Jacobs, Vice President, Global Consumer Products and Retail Sector at Capgemini said in a statement. "These two factors need to be given equal weighting if long-term AI growth, with all of the benefits it brings, is to be achieved," Jacobs added.