With all the buzz about artificial intelligence (AI) these days, retailers are naturally asking, “Is AI for real, or is it just a passing fad?” Nearly every retail technology company is now slapping the “AI” moniker on their marketing materials, but which AI applications are really moving the needle for retailers?
A Gartner report released in April indicated that retailers view AI as a strategic game changer, however, AI isn't yet in the top three priorities for technology funding. According to an August 2018 survey of 400 retail executives worldwide by Capgemini, AI could save retailers as much as $340 billion annually by 2022, with 80 percent of the savings coming from AI-enabled efficiencies in supply chains and returns processes.