Honeywell has just released its latest AI Survey in the retail sector. The content highlights that more than 8 out of 10 retailers plan to increase the use of automation and artificial intelligence (AI) in their operations, with assumptions such as adapting to changes in consumer behavior, enhancing employee skills, and improving efficiency for shoppers.
The study, conducted with major U.S. retailers and consumers in the run-up to the holiday season, also revealed that 35% of retailers plan to significantly increase their investment in AI to address the biggest pain points they face in today’s fast-paced, decentralized climate, including improved returns management, automating customer service and monitoring product availability.
"We are truly in the middle of a new era for retail, where the evolution of AI resources will have a positive impact on the buyer's journey, employee experience, and retailer's supply chain operation," said David Barker, President of Honeywell Productivity Solutions and Services. "In your journey towards autonomous operations, solutions should provide actionable data that help improve the skills of industry employees," he/she/they completes.
The research also reinforced that retailers in the segment are using AI to upskill employees and improve their on-the-job experience, which could ultimately help fill the more than 580,000 job openings projected in the United States this year¹.
Key findings of the study:
- More than half of the retail leaders surveyed said that AI improves employee retention. Additionally, 52% believe that AI can help employees progress more quickly in their careers, expanding their social skills and continuously providing value to their jobs.
- More than half (6 out of 10) retail executives said that AI tools make employees' work easier, while 55% said they increase daily job satisfaction. This aligns with the retail sector's growing focus on how employee satisfaction can support the customer experience for their business.
- AI is also playing an increasingly important role in enhancing the customer experience for buyers, both online and in person. She can provide buyers with better access to information, faster transactions, and an easier way to compare prices.
Key findings from Honeywell’s survey of retail shoppers included:
- Two-thirds of consumers surveyed (66%) reported using AI while shopping, whether it was asking a question via a chat bot, comparing prices for an item across retailers, or summarizing customer reviews.
- Comparing prices across stores is by far the most sought-after use case for AI (53%), followed by checking product availability (41%) and having a simpler, more seamless checkout experience (34%).
To learn more about the survey results and how Honeywell’s AI solutions are helping shape the new era of retail, visithttps://automation.honeywell.com/us/en/industries/retail.
Methodology
Honeywell hired Wakefield Research to conduct the Honeywell Retail Executives Survey and the Honeywell Retail Consumers Survey (collectively called the "Honeywell AI in Retail Survey"). These were surveys conducted in the "Omnibus Survey" format from December 2 to 8, 2024, using an email invitation and an online survey format. The Retail Executives Survey interviewed 100 executives from the US who met the minimum requirement of vice president in retail companies with a minimum annual revenue of $100 million. The Retail Consumer Survey interviewed 1,000 nationally representative American adults, aged 18 and older.
