News
Retailers value AI but adoption remains scarce, reveals study
October 7, 2019
The benefits of artificial intelligence technology, specifically around merchandise management, is clear to most retailers but just 16% have deployed an AI engine, according to a study from Symphony RetailAI and RIS News.
The study identifies top challenges retailers face with merchandising planning and their perception of AI, according to a press release.
It also lists three specific applications retailers view as critical for meeting merchandise management goals: demand forecasting (56%), replenishment (44%) and price management (41%).
Retailers are most excited about AI's support in reducing out-of-stocks (56%) and over-stocks (34%), creating real-time inventory visibility (41%) and improving inventory accuracy (34%), according to the release.
"As retail becomes more intelligent and consumer preferences become more fluid, the study’s findings make it clear that now is the time to invest in AI to improve merchandise management outcomes," said Kevin Sterneckert, CMO, Symphony RetailAI, in the release. "Whether testing AI for isolated functions such as demand forecasting or personalization, or deploying across the enterprise, early adopters will be uniquely positioned to create a differentiated value and sustainably grow revenues and margins."
Related Media
Subscribe
Get the latest news and resources from Retail Customer Experience.
