State of AI in Retail and CPG: 2024 Trends PDF Free Download
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State of AI in Retail and CPG:
2024 Trends
Survey Report
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Taking a Closer Look at AI in the Retail Industry
retail industry
> Overall AI usage in retail
> Generative AI
> Omnichannel AI
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Table of Contents
Part I: AI in Retail
Part II: Generative AI
Part III: Omnichannel AI
Part IV: Looking Forward
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Part I: AI in Retail
Key Insights on AI in Retail
Opportunities and Challenges
1.
2.
3.
Investments in AI
4.
5.
6.
Implementation Approaches
7.
AI Adoption Advances, With Industry Leaders at the Helm
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Number of Use Cases Being Adopted
•
•
•
16%
30%
54%
How many AI use cases have you adopted?
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Key Use Cases Forecast an Emerging Generative AI Trend
AI-enabled applications
What AI use cases is your company investing in today?
Intelligent Store (multiple selections possible)
53%
40%
39%
39%
35%
21%
21%
Digital: Ecommerce, Mobile, and Metaverse (multiple selections possible)
47%
36%
28%
28%
25%
24%
Intelligent Supply Chain and CPG Manufacturing (multiple selections possible)
27%
19%
19%
15%
15%
15%
15%
Personalization and Customization
Store Analytics and Insights
Loss Prevention and Asset
Protection
Augmented Reality Experiences
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AI’s Positive Impact on Revenue, Operating Costs, and
Operational Efficiencies
The Impact on Annual Revenue and Operating Costs
TheBiggestAreaofOpportunity?BusinessOperations.
How has AI impacted your
annual revenue?
69%
How has AI impacted your
annual operating costs?
72%
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Investment in AI Is Low Compared to Industry Capex
recent study by NYU Stern
68%
How much did your company spend on AI infrastructure?
Retailers Plan to Invest More in AI Infrastructure
What are your investment plans for AI infrastructure next year?
64%
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Top Challenges Include Inadequate Technology and a
Lack of AI Talent
Retailers Prefer Partnerships When Implementing AI
key challenges of implementing AI
Most Retailers Prefer a Hybrid Approach to AI Implementation
52%
63%
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Part II: Generative AI
one McKinsey
study
Key Insights on Generative AI in Retail
Opportunities and Challenges
1.
2.
3.
Investments in Generative AI
4.
5.
Implementation Approaches
6.
Retailers Are Embracing Generative AI at Different Paces
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How does your company envision using generative AI? (multiple
selections possible)
46%
39%
23%
21%
9%
9%
6%
Number of Use Cases Being Adopted
18%
25%
57%
How many generative AI use cases are you considering or have already implemented?
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What Are Generative AI’s Biggest Opportunities?
Generative AI
Enhancing Customer Experiences
Transforming Marketing and Content Generation
Retailers Prioritize Personalization With Generative AI
Investments
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What generative AI use cases are being considered or
implemented?
Customer Experiences (multiple selections possible)
66%
52%
50%
46%
41%
Employee Experiences (multiple selections possible)
46%
14%
14%
Marketing and Content Generation (multiple selections possible)
59%
52%
Product Design and Onboarding (multiple selections possible)
34%
32%
Other (multiple selections possible)
50%
46%
41%
Data Privacy Tops Concerns About Generative AI
Personalized Recommendations
One Salesforce study
Marketing Content Generation
Multilingual Chatbots for
Customer Service and Branded
Virtual Assistant for Customers
Product Development
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Retailers Are Interested but Cautious About Generative AI
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Do you plan on investing in generative AI?
77%
How much do you plan to invest in generative AI?
98%
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Part III: Omnichannel AI
Key Insights on Omnichannel Strategy in Retail
Opportunities and Challenges
1.
2.
3.
Investments in AI
4.
5.
Ecommerce is Top Omnichannel Choice, Revealing Future
Revenue Potential
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Other Notable Top
Channels
Mobile Applications
Brick-and-Mortar Stores
Other Revenue Growth
Opportunities
Brick-and-Mortar Stores
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Looking Forward
Ready to Learn More?
www.nvidia.com/retail
