Seven in 10 consumers are familiar with the use of artificial intelligence (AI) at the retail locations where they shop, and more than half have a positive impression of the technology, according to a new SPAR Group survey.
The report found that consumers are looking for wider deployment of AI-supported services like in-aisle promotions, product information, no-stop checkout and in-store digital assistants.
On the retailer side, three-quarters of companies said AI has had a positive impact on their store operations, improving efficiency and keeping products stocked.
The SPAR Group’s survey on the impact of AI at the store level shows that retailers and consumers believe AI has the potential to make shopping easier, drive stronger brand reputation and improve the experience for buyers and sellers.
“The ‘SPAR AI in Retail Survey’ reveals strong business cases for the use of artificial intelligence tools at stores, with both customers and merchants reporting positive outcomes from solutions and applications driven by the technology,” said Mike Matacunas, CEO and president, SPAR Group.
“Retailers still need to do a much better job of explaining the benefits of AI to consumers, but both groups are well on their way to an improved shopping/working experience and that will drive growth in the industry.”
Key findings of the “SPAR AI in Retail Survey” include:
- Ninety-five to 100 percent of retailers agree AI positively impacts their store’s operations, efficiency, stocking demand, customer service and support with lowering costs.
- Forty-five to 55 percent of consumers have positive perceptions for most aspects of AI, though slightly higher for digital assistants/personalized shopping lists and keeping products stocked (60-70 percent).
- Younger consumers (between 18 and 54 years old) are more receptive of AI in retail spaces, being more familiar, satisfied and having a more positive impression of AI. They also mention they would like AI supported in-store digital assistants and personalized shopping lists.
- Older consumers (55 and older) are more concerned about AI use, specifically on privacy and transparency issues, but would like to use it to get information about products.
Analysis of the “SPAR AI in Retail Survey” by experts at SPAR Group, a provider of merchandising, marketing and distribution services, shows that retailers and their consumer brand partners should focus on leveraging benefit from AI that deliver real value to customers.
AI-driven technology that tracks product movement to reduce stock-outs, makes the shopping journey more convenient and provides the shopper with needed product information are three of the leading solutions retailers should consider.
[RELATED: Study: Retailers Deploying Mobile Apps Will Double By 2026]
“All customers want to be better shoppers – they want their money and time to go farther than it did even last year,” Matacunas said.
“Retailers and brands need to embrace this fact and put resources behind applications and processes that have the result of both satisfying the demands of the consumer and create a point or more of differentiation with competitors. The AI has the ability to do just that.”
SPAR Group provides services that transform the physical space, merchandising presentation and promotional fixtures while providing syndicated resources that ensure in-stock inventory and presentations to drive sales and consumer engagement. The company works with many of North America’s big box, discount, convenience, grocery and specialty retailers and brands.
“The bottom line from the ‘SPAR AI in Retail Survey’ is that retailers and their trading partners need to work with partners like SPAR and Spacee, vendors and others to ensure they are implementing the right technology for the solutions their customers are demanding. They must also be transparent about those technologies, telling consumers exactly how each application will help make their shopping trips better,” Matacunas said.
Add Comment