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.
Dive into this report for more insights into how these retailers are applying Gen AI to their business, from backend operations to direct customer experiences. It’s valuable for retailers who are currently assessing and prioritizing how to best leverage AI for their business. AI is not just shaping the future of retail and eCommerce—it’s going to redefine how we shop, sell, and connect in the marketplace.
