AI Investment Strategies of Retailers Disclosed by Honeywell for 2025 Survey
Small businesses are discovering the transformative potential of artificial intelligence (AI) in streamlining operations, enhancing efficiency, and driving growth without breaking the bank. According to a survey by Honeywell, 80% of U.S. retailers plan to ramp up their AI usage in 2025, a trend that small businesses should take note of.
The benefits of AI are evident for consumers too. A staggering 66% of shoppers are already using AI during their shopping journey, with popular features including chatbots, price comparison tools, and review summaries. Moreover, 41% of consumers rely on AI to check product availability, making the shopping experience more convenient and efficient.
AI is not just improving the shopper's journey; it's also making a significant impact on the employee experience. According to the survey, 60% of executives reported that AI tools simplify tasks for retail employees, while 55% noted that they increase job satisfaction. Furthermore, 52% of retail leaders believe AI helps employees advance their careers by enhancing soft skills and adding value to their roles.
The survey also suggests that AI will play a crucial role in employee development and retention, a critical concern for the U.S. retail industry, which is projected to have over 580,000 job openings in 2025.
Major U.S. companies are investing heavily in AI for their retail operations. Palantir Technologies, known for its AI platforms, is offering tailored solutions for businesses to improve operational efficiency across industries. Leading tech firms like Microsoft, Apple, and NVIDIA are also heavily invested in AI development, shaping their retail strategies accordingly.
The adoption of AI is not just a response to the investments of major retailers. Small businesses are also recognising the need to stay competitive in an AI-driven market. They should identify operational challenges and explore affordable AI technologies tailored to their needs.
In conclusion, AI is set to enhance efficiency and improve customer experiences for both large and small retailers. As AI continues to revolutionise the retail landscape, it's essential for businesses, big and small, to embrace this technology to thrive in the future. As David Barker, president of Honeywell Productivity Solutions and Services, aptly stated, AI and automation will make a positive impact on the shopper's journey, employee experience, and retailer's supply chain operation.
