Technology

Retailers focused on automation to cut costs, boost efficiency

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March 22, 2023

Retailers are prioritizing investment in technology that will not only improve operational efficiencies but cut costs while increasing profits.

In fact retailers are planning to tap automation tech to automate up to 70% of routine store tasks within the next two years.

Those are findings from the "2023 Connected Retail Experience Study," released by Incisiv in collaboration with Verizon Business.

Additional findings include.

• The deployment of artificial intelligence for improving operations will also increase, with a higher percentage of specialty and department stores adopting it than grocery and general merchandise stores. The use of AI to improve operations is projected to increase nine times by 2025.
• Mobile point-of-sale and curbside pickup sensors will significantly increase deployment across all retailers, particularly among specialty and department stores.
• While the deployment of robotics for associate tasks is still relatively low, it will increase over the next few years, particularly among grocery and general merchandise retailers.

"Improving operational efficiency is crucial for retailers in today's competitive landscape," Gaurav Pant, chief insights officer at Incisiv, said in a press release. "Automation is imminent, and retailers must embrace it to streamline processes and reduce costs."