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Retailers Embrace Generative AI for 2024 Holiday Shopping Season
Slice of Retail Team
December 01, 2024
Key Highlights:
92% of retail executives plan to have customer-facing generative AI live by the 2024 holiday season.
95% expect generative AI to significantly or moderately impact sales and customer satisfaction.
Top AI applications include product recommendations, customer service automation, and employee-facing process automation.
Challenges include cost, risk, and ROI clarity, with retailers perceiving high consumer expectations for generative AI experiences.
Source: PR Newswire
Notable Quote:
“We believe the retailers that successfully deploy generative AI to delight shoppers will have a significant advantage. Retailers' perception that customers expect generative AI in their shopping experiences also surprised us.”
Our Take:
The survey underscores the rapid acceleration of generative AI adoption in retail, driven by the potential for significant gains in sales and customer satisfaction. Retailers investing early in customer-facing generative AI applications like conversational product recommendations and automated services stand to capture consumer loyalty during the high-stakes holiday season. However, challenges like ROI uncertainty and change management must be addressed for successful implementation. As consumer expectations rise, generative AI is poised to become a differentiator for retailers aiming to enhance shopping experiences and drive brand preference.