More and more retailers rely on artificial intelligence in their daily business. In a current industry survey, almost a quarter of the retail companies surveyed (23.5 percent) stated that they were already using the new technology that made the headlines, as the German Retail Association (HDE) announced on Tuesday. This means that the proportion of AI users in retail has almost doubled within two years. Another 8.7 percent of retailers said they plan to use AI.
"Artificial intelligence is an opportunity for retail. Our study shows that more and more retailers are recognizing this potential," said Stephan Tromp, Deputy Managing Director of HDE.
According to the survey, artificial intelligence has so far been used primarily in camera systems to protect against theft or when processing receipts in accounting. However, retailers also see great potential in automatic product range revision, in identifying trends in customer needs, in personalized offers and in pricing.
However, despite all the advances, users of artificial intelligence in retail are still in the minority. "The technology has not yet arrived on a broad scale," Tromp admitted. According to the HDE, two-thirds of the retailers surveyed stated that they are not currently using AI and are not planning to use the technology either. The most important reasons for this: From the point of view of many retailers, there is still a lack of specific use cases for artificial intelligence in retail. And the high costs are also a major hurdle for the start of AI projects.
Tromp is certain: "AI is the future." There are more sensible ways to use them in retail than many retailers realize. Associations and cooperatives are required here to provide profitable and useful applications for small and medium-sized companies, said Tromp.