70% of companies worldwide expect a significant increase in ROI (return on investment indicator) in the next year thanks to the implementation of AI-based solutions, according to a report by KPMG International. It was indicated that 56% of companies from the retail sector have been using AI for more than 3 years, which indicates greater experience compared to other sectors.
“According to the KPMG study, 67% of companies have noted an improvement in efficiency, and over 70% expect a significant increase in ROI in the next year thanks to the implementation of AI-based solutions. AI is not only becoming a tool used on a point-by-point basis, but in practice it enables a completely new approach to the customer and operations, e.g. intelligent chatbots serving 24/7, dynamic pricing systems, virtual fitting rooms or AI analyzing sales data in real time,” said Leszek Ortyński, director, leader of data science and AI at KPMG in Poland.
“Changes are already taking place, and companies that treat AI strategically have a chance not only to keep up, but also to overtake the competition – both in Poland and abroad,” he added.
According to the KPMG International report entitled “Intelligent retail. A blueprint for creating value through AI-driven transformation”, organizations most often use AI to improve the quality of customer service and streamline the decision-making process – these areas were indicated by 42% of respondents.
“The retail sector is facing the challenge of adapting to the growing role of artificial intelligence. Companies that have already implemented AI see its real impact on cost optimization and improving the quality of customer service,” said Piotr Grauer, associate partner in the mergers and acquisitions team in the Deal Advisory department, leader of advisory for the consumer goods sector at KPMG in Poland, quoted in the press release.
“In the face of inflationary pressures and changing consumer preferences, AI tools allow for faster response to market trends and more effective management of inventory and pricing policy. It is worth noting that as many as 47% of retailers consider AI to be key to their operations, which shows that these technologies are no longer just an experiment, but have become a standard in the industry,” he added.
It said that concerns about data security and privacy remain the biggest challenge to implementing AI in retail, cited by 38% of companies. Other barriers include AI skills gaps (27%) and poor data quality (27%), showing that technological and organizational obstacles continue to hinder AI development.
The KPMG International report was based on the conclusions of a survey conducted among 1,390 market leaders, including 163 from the retail sector. It was supplemented with interviews with experts and an 18-month analysis of the impact of generative AI on business. The quantitative survey was conducted in the markets of Australia, China, Germany, Great Britain, Canada, France, Japan and the United States. (PAP Biznes)
alk/ asa/
