The game changer for retail and consumer brands

Elevate the customer experience and operational performance with AI

Generative AI (GenAI) has sparked a debate among executive committees across the consumer & retail industry: should they pioneer its implementation to secure a first-mover advantage, or should they adopt a cautious approach and wait for clearer ROI projections and a more robust legal framework?

According to our research involving 130 C-Suite respondents¹ from the consumer goods & retail industry, 43% executives are still doubtful or cautious about AI-driven transformation. While this “wait and see” approach may seem prudent given the challenges and barriers to adoption, such as competency gaps, data security, integration with existing IT systems, and ethical considerations, GenAI is not just another technological wave. GenAI is a gamechanger that is already profoundly impacting competitiveness in the retail sector. The AI landscape is evolving and expanding daily, offering opportunities for businesses to augment their capabilities, boost productivity, and foster innovation.
Concurrently, the rapid adoption of these technologies (ChatGPT reached one million users in just five days) necessitates an increasingly swift pace of organizational transformation.
In an era demanding increased flexibility and resilience from retailers, those that successfully harness the power of AI stand to gain a significant competitive edge. They can enhance customer experience, accelerate innovation, improve profit margins, reduce prices, and ultimately increase their market share.

Even though AI development is happening at a remarkable pace, still 27% of retailers and brands, have no implementation in place or just started considering AI technologies.

¹ BearingPoint Survey of 700 C-Suite executives in Europe, USA, and Asia on the Best Practices of AI adoption, June 2024. Consumer goods and Retail sample represents 130 respondents. For detailed methodology please refer to the dedicated section page 18.