To optimize AI investments, retailers should establish clear baselines, prioritize key areas, commit to ethical AI, operationalize vision AI, and expand beyond loss prevention. A recent study showed that well-implemented AI could deliver over 300% ROI for grocery retailers over three years. The article concludes by stating that AI's success in retail serves as a powerful example of its potential in other industries to boost efficiency, enhance customer experiences, and unlock new value.
Key takeaways:
- AI technology is increasingly being used in the retail industry to tackle the $112.1 billion annual losses due to shrinkage, with a focus on loss prevention at checkout, on the shelf and in the stockroom.
- AI systems can provide actionable insights to drive measurable results, spot unusual behavior or malicious intent at self-checkout, and support a seamless process for self-checkout.
- AI can also transform operations across the entire retail ecosystem, including inventory management and supply chain operations, and can help retailers better predict demand and optimize delivery schedules.
- For successful AI implementation, retailers should establish clear baselines, prioritize key areas, commit to ethical AI, operationalize vision AI, and expand beyond loss prevention.