Honeywell has just released its latest AI Research in the retail sector. The content highlights that more than 8 in 10 retailers plan to increase the use of automation and artificial intelligence (AI) in their operations, with premises such as adaptation to changes in consumer behavior, enhance employee skills and improve efficiency for buyers
The study, conducted with retail chains and consumers in the United States during the period leading up to the year-end holidays, it also revealed that 35% of retailers plan to significantly increase their investment in AI to address the biggest pain points they face in today's fast-paced and decentralized environment, including enhanced return management, automation of customer service and monitoring of product availability
We are truly in the midst of a new era for retail, how the evolution of AI resources will have a positive impact on the buyer's journey, in the employee experience and in the retailer's supply chain operation, said David Barker, president of Honeywell Productivity Solutions and Services. "In its journey towards autonomous operations", the solutions must provide actionable data that helps improve the skills of the employees in the sector, complete
The research also reinforced that retailers in the segment are using AI to enhance employee skills and improve their work experience, what can, ultimately, help fill the more than 580,000 job openings projected in the United States for this year
Key findings of the study:
- More than half of the retail leaders surveyed said that AI improves employee retention. Furthermore, 52% believe that AI can help employees advance more quickly in their careers, expanding your social skills and continuously providing value to your jobs
- More than half (6 out of 10) of retail executives said that AI tools make employees' work easier, while 55% said they increase daily satisfaction. This aligns with the retail sector's growing focus on how employee satisfaction can support the customer experience for their businesses
- AI is also playing an increasingly important role in enhancing the customer experience for buyers, both when shopping online and in person. She can provide buyers better access to information, faster transactions, as well as an easier way to compare prices
Key findings from Honeywell’s survey of retail shoppers included:
- Two-thirds of surveyed consumers (66%) reported that they used AI during their shopping, whether to ask a question through a chat bot, compare prices of an item between retailers or summarize customer reviews
- Comparing prices between stores is by far the most sought-after use case for AI (53%), followed by checking product availability (41%) and having a simpler and smoother checkout experience (34%)
To learn more about the research results and how Honeywell's AI solutions are helping to shape the new era of retail, visithttps://automation.honeywell.com/us/en/industries/retail.
Methodology
Honeywell hired Wakefield Research to conduct the Honeywell Retail Executives Survey and the Honeywell Retail Consumers Survey (collectively referred to as the "Honeywell AI in Retail Survey"). These were surveys conducted in the "Omnibus Survey" format and took place from December 2 to 8, 2024, using an email invitation and online survey format. A Retail Executives Survey interviewed 100 executives from the US who met the minimum requirement of vice president in retail companies with a minimum annual revenue of $100 million. The Retail Consumer Survey interviewed 1.000 nationally representative adult Americans, with ages between 18 and older
