Based on a survey of 200 loss prevention retail executives and more than 1,000 U.S. consumers, a new report from Everseen reveals key insights into the evolving role of artificial intelligence in retail operations and shopper interactions.
The “Everseen Insights: The Future of AI in Retail” — focuses on retailers’ plans for rapid AI deployments alongside the critical need for transparency and consumer trust, according to a news release. Highlights from the report include:
- Retailers are investing in AI to drive results — Nearly two-thirds (63%) of retailers say AI is critical to maintaining a competitive edge, and they expect an average 51% return on investment from AI deployments within the first three years.
- Consumers see AI benefits — More than half (55%) of consumers are comfortable with AI and advanced retail technology, and nearly two-thirds (65%) say AI makes shopping more convenient.
- Loss prevention is a shared concern — 85% of consumers believe theft contributes to higher prices, and a majority of retailers (60%) have already turned to AI to address the issue.
- Transparency is critical — 72% of consumers want greater transparency about AI use in grocery and retail stores. Retailers are already using multiple disclosure methods, including signage at entrances (44%), which 64% of consumers find helpful. Half of consumers also cite self-checkout pop-ups as effective.
“AI is already transforming retail — driving efficiency, reducing shrink and enhancing customer experiences,” said Everseen CEO Alan O’Herlihy. “It’s encouraging to see the shared perspective of consumers and retailers on how AI can improve the shopping experience. The insights from this report can help the industry align on key success factors for AI, including measurable impacts on shrink reduction and the importance of transparency.”
Loss prevention and beyond
AI is already playing a major role in loss prevention, the release said, with 60% of retailers having implemented AI and another 30% planning to do so within the next year, the release said. Consumers are equally attuned to the issue — nearly three-quarters (74%) believe theft leads to store closures, and 59% believe AI technology, such as product recognition at checkout, can help reduce it.
Retailers rank better customer service and support (31%) and improved store layout and navigation (31%) as top benefits. Consumers see AI improving their experience through faster checkouts (44%), better inventory management (43%) and more personalized shopping (24%).
Despite the optimism, AI implementation does come with challenges, the release said. Retailers cite time and resources for training (47%), customer acceptance and trust (46%), and integration with existing systems (44%) as key hurdles.
