Over the last decade, we’ve witnessed AI/ML grow dramatically, with its potential for wider commercial use made possible by falling sensor costs, increasing data management capabilities, and exponential strides in computing power. Retailers who choose to leverage AI/ML to solve critical business problems sooner rather than later will reap the benefits, as investments in AI yield more value as they mature.
At Google Cloud, we recently commissioned a survey of 100 global retail executives to better understand which AI/ML applications across the retail value chain drive the highest value and excitement in retail, and what retailers need to keep in mind when going after these opportunities. We took a look at two specific sectors—Food, Drug, and Mass merchants (FDM) and Specialty retailers. The researchers assessed value at stake based on the anticipated impact of using AI/ML approaches for the use cases vs traditional approaches used to optimize and applied that value to the relevant line items in the P&L.