KPMG survey reveals Canadian retailers using generative AI to improve customer experience

36
Canadian retailers enhancing customer experience through generative AI, finds KPMG in Canada survey



“As the digital landscape of retail continues to evolve, Canadian retailers are recognizing the importance of embracing generative AI technology to stay competitive. In a recent survey conducted by KPMG in Canada, it was discovered that over 80% of executives from 135 Canadian retailers believe that investing in generative AI is crucial for the future of their businesses. From fraud detection to inventory management and personalized shopping experiences, the potential applications of AI in the retail industry are vast and promising.

Investing in the Future: The Rise of Generative AI in Canadian Retail

With 38% of respondents already implementing some form of generative AI in their organizations and another 39% planning to do so within the next six months, it is clear that Canadian retailers are actively integrating AI into their operations. From detecting fraud to predicting product demand and enhancing the customer shopping experience, the benefits of generative AI are undeniable.

However, the successful implementation of generative AI in retail comes with its own set of challenges. One major obstacle reported by respondents is the need for reliable, quality data inputs to train AI models effectively. Without accurate data, the outputs generated by AI systems may be inaccurate or misleading, leading to potential risks for retailers.

Looking Ahead: The Ethical Implications of Generative AI in Retail

As retailers continue to explore the possibilities of generative AI, it is crucial to consider the ethical implications of using this technology. Concerns about consumer response to AI-generated imagery and the responsible use of AI frameworks within businesses are important factors that retailers must address.

While generative AI holds great promise for revolutionizing the supply chain, logistics, and procurement in retail, it is imperative for organizations to ensure that data inputs are clean, organized, and structured for optimal performance. By addressing these challenges and adopting a responsible approach to using generative AI, Canadian retailers can unlock the full potential of this technology and drive innovation in the retail industry.

In conclusion, as the digital transformation of retail continues to accelerate, Canadian retailers must embrace generative AI as a fundamental tool for staying competitive in the market. By leveraging the power of AI for fraud detection, inventory optimization, and personalized customer experiences, retailers can drive growth, increase revenue, and create new opportunities for success in the evolving landscape of retail.”



Reference

LEAVE A REPLY

Please enter your comment!
Please enter your name here