The retail industry is undergoing some of the most significant changes with the way data is managed and generative AI is driving a big part of that digital transformation. Don’t get left behind!
A new report released by Syndigo, Generative AI Trends in Retail and eCommerce, sheds light on how forward-thinking retailers are embracing this transformative technology. From reimagining backend operations to delivering hyper-personalized customer experiences, Gen AI is proving to be a game-changer in the retail sector.
Report Highlights
This study delves into the current applications of Gen AI across various facets of retail, while also offering a glimpse into future investment strategies. As retailers navigate this new frontier, it’s becoming increasingly clear that AI isn’t optional — it’s the cornerstone of new retail innovation.
One hundred retail leaders across the U.S. and Canada who work for companies with annual revenue from $100 million to over $10 billion were surveyed by WBR Insights.
Here are just a few notable ways retailers are applying AI now and their plans to expand its use in the future.
Streamlining Content Efficiencies
- Over half of respondents want to apply Gen AI to their product information management operations to improve the customer experience on their eCommerce sites.
- Four out of 10 think Gen AI-powered digital content creation and eCommerce content syndication will provide new creative opportunities, with master data management closely following as the next important area for AI application.
Improving Customer Experience
- 85% use Gen AI for customer service.
- 83% use it for marketing and promotions.
- 37% use Gen AI for search and discovery, but 81% of these respondents are only somewhat satisfied with their current capabilities in this area
Priorities for Future Investments
- More than one-third are planning to increase their investment in Gen AI over the next five years.
- 71% plan to introduce Gen AI into new areas.
