The use of the latest Artificial Intelligence provides about the $340 Billion cost-saving opportunities for all those retail companies that are even able to scale and expand the scope of their existing deployments, according to the report which has been revealed by the Capgemini.
Moreover, around one percent of the retailer has achieved this level of deployment as of now, which even showed up the results from the study which revealed: “Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity”.
some of the researchers have found that most of the retailers as of now are focusing on their Artificial Intelligence efforts on the marketing and sales when there is a high opportunity to unleash the Artificial Intelligence use cases across the entire chain.
“Our research shows a clear imbalance of organizations prioritizing cost, data, and ROI (return on investment) when deploying AI, with only a small minority considering the customer pain points also,” Kees Jacobs, Vice President, Global Consumer Products and Retail Sector at Capgemini said in a statement.
“These two factors need to be given equal weighting if long-term AI growth, with all of the benefits it brings, is to be achieved,” Jacobs added.
According to the research which is published by the Capgemini Research Institute, the researchers simply looked at the 400 global retailers that are as of now working on implementing the Artificial Intelligence use cases at the different stages of the maturity level. This group of retailers even represents around 23 percent of the global market share by the revenue.
The report also further revealed an extensive analysis of the public data from the world largest 250 retailers according to the revenue-wise.
Moreover, around 80 percent of the company has declared that Artificial intelligence has not replaced any of the jobs in the firms, so far.