Shoppers and Retailers See Benefits from AI in the Store

• Consumers want AI in Retail to be used for delivering value and personalization through in-store coupons, product information, no-stop checkouts and in-store digital assistants
• Retailers currently see bigger benefits from AI than consumers, especially in through lowering human overhead, improving security and stock management

According to a recent study by SPAR Group, seven in 10 consumers are familiar with the use of Artificial Intelligence at the retail locations where they shop and more than half have a positive impression of the technology. Shoppers 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 say AI has had a positive impact on their store operations, both at improving efficiency and keeping products stocked.

This survey reveals that on the impact of AI at the store level shows that both retailers and consumers believe AI has the potential to make shopping easier, drive stronger brand reputation and improving the experience for both 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. 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,” said Mike Matacunas, CEO and president, SPAR Group.

Key Findings of the SPAR AI in Retail Survey include:

• 95-100% of retailers agree that AI positively impacts their store’s operations, efficiency, stocking demand, customer service and support with lowering costs.
• 45-55% 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%).
• 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 that they would like AI supported in-store digital assistants and personalized shopping lists.
• Older consumers (55+) are more concerned about AI usage, specifically on privacy and transparency issues, but would like to use AI 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.

“All customers want to be better shoppers – they want their money and time to go farther than it did even last year. 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,” said Matacunas.

“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,” said Matacunas. “If you want to learn more about these solutions, contact SPAR.”