From NVIDIA:

The retail industry is undergoing a tech transformation, fueled by AI. With high potential for AI and analytics, the retail and CPG sectors are set to use AI to improve efficiency, customer and employee experience, and growth. NVIDIA’s survey of over 400 industry professionals provides insights on AI adoption, impact on revenue and costs, and emerging trends.

AI has improved operational efficiency, customer experiences, and growth. Top current AI use cases include personalized customer recommendations, store analytics, loss prevention, augmented reality experiences, and automated marketing content generation. Retailers plan to explore further investment in AI infrastructure and leveraging AI for brick-and-mortar stores to provide convenience and personalized customer experiences.

Generative AI is changing customer experiences, being used in personalized product recommendations, adaptive advertising, product tagging, and brand avatars for customer service. Retailers see the transformative potential of generative AI and express a desire to use it for enhancing customer experiences.

An omnichannel approach integrating online and offline channels is crucial for competitive advantage. Mobile apps and ecommerce are widely used, but physical stores still hold significant revenue growth opportunities. Intelligent stores and their role in the omnichannel experience will continue to be critical investments for retailers.

AI infrastructure investments are set to increase, reflecting the industry’s recognition of its potential to enhance efficiency, reduce costs, elevate customer experiences, and drive growth. The “State of AI in Retail and CPG: 2024 Trends” report offers in-depth results and insights, and NVIDIA’s AI solutions and enterprise-level platforms for retail can be explored at www.nvidia.com/retail.



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