Honeywell International Inc., headquartered in North Carolina, has unveiled its AI in Retail Survey, showcasing that over 80% of retailers are poised to increase their adoption of automation and artificial intelligence. This move aims to adapt to evolving consumer behaviors, enhance workforce abilities, and improve operational efficiency. Of particular note, 35% of large retailers plan to significantly boost their AI investments.
The company’s research, focused on major U.S. retailers and holiday shoppers, underscores a rising commitment to AI to address critical challenges in today's multifaceted omni-channel retail landscape. These challenges encompass optimizing return management, automating customer service functions, and monitoring product availability.
The survey highlights AI's potential in augmenting employee skill sets and enriching workplace experiences, a timely finding considering the projection of over 580,000 retail job openings in the U.S. this year. Insights reveal that more than half of retail leaders perceive AI as instrumental in enhancing employee retention and career development, including the cultivation of soft skills.
Furthermore, 60% of executives indicated that AI facilitates task simplification for employees, while 55% noted an increase in job satisfaction. This highlights the industry's emphasis on the connection between employee contentment and customer experience.
Honeywell’s survey further emphasizes the expanding role of AI in elevating the shopping experience for customers both online and in physical stores. AI provides improved access to information, speeds up transactions, and simplifies price comparisons. Highlighted findings include:
- 66% of consumers have engaged with AI while shopping, using tools such as chatbots, price comparison applications, or review summaries.
- Price comparison emerged as the most prevalent AI application among respondents, followed by checking product availability and streamlining checkout processes.
On Wednesday, Honeywell’s stock closed at $220.17, reflecting a 0.21% decrease on the Nasdaq Global Select Market.