The Artificial Intelligence Helps Retail Companies To Save $340 Billion

Capgemini, a technology services major in France, has released a new study concerning an artificial intelligence that helps retail companies to save $340 billion. The amount should be used to expand the plan under the development of these companies.

The researchers stated that retailers have been paying more attention to artificial intelligence to promote marketing and sales activities because they realize the enormous potential of technology towards the value chain.

Also in the statement, the Capgemini’s Vice President, Global Consumer Products and Retail Sector said there was an obvious imbalance between companies which focused more on data, ROI, and cost when using AI, and the small number of companies noticing the pain points of customers.

To achieve the sustainable development of artificial intelligence, there will be a need to meet both these factors.

The data offered in the study was collected from 400 retail companies in the world. All of these companies are applying the AI technology at many various stages. Their total revenue accounts for 23% of the whole retail market.

Besides, the study further analyzed the public data of the revenue which were gathered from the most significant 250 retail companies in the world.

In 2018, the artificial intelligence was applied in more than 28 percent of retailers, which showed an increase of 11 percent over the percentage of last year and seven times as much as that in 2016.

The AI development led to fears of unemployment increase; however, in fact, 71% of retail companies confirmed that more and more jobs were being created every day, and 68% of which was at a senior level.

Moreover, 75 percent of the global retailers said that no jobs have been replaced by AI in their own companies.