The report also highlighted key use cases for AI in retail, including demand forecasting, store analytics, and generative AI. Retailers are also using AI to tackle shrinkage, a problem costing $112 billion annually. The study also found that 86% of retailers aim to transform customer experiences with generative AI, with 98% planning to invest in generative AI infrastructure in the next 18 months. The report emphasized the importance of an omnichannel approach, combining online and offline channels for a cohesive consumer experience.
Key takeaways:
- Nvidia's "State of AI in Retail and CPG" report reveals that over 60% of retailers plan to increase their AI infrastructure investments in the next 18 months.
- The report found that 69% of retailers using AI have seen an increase in revenue, and 72% have experienced lower operating costs.
- Retailers are using AI for a variety of use cases, including demand forecasting, store analytics, and generative AI. Shrinkage, a major issue for retailers, is a key focus of AI applications.
- The report highlights the importance of an omnichannel approach, combining online and offline channels for a cohesive consumer experience. Despite the rise in digital shopping, 30% of respondents believe physical stores present the most significant revenue growth opportunity.