AI and ML impact on retail performance 2024

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Retailers using artificial intelligence (AI) and machine learning (ML) technologies performed better than their competitors. Both in 2023 and 2024, retail companies using this kind of technologies saw a two-digit growth of their sales compared to the respective previous years. Similarly, their annual profit grew by roughly eight percent, outperforming retailers who did not use AI or ML solutions.

Impact of artificial intelligence (AI) and machine learning (ML) use on retail performance between 2022 and 2024

Characteristic	Currently using AI/ML	Not currently using AI/ML
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Release date

December 2023

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Region

Worldwide

Survey time period

2023

Supplementary notes

The source took into consideration AI/ML use in 11 categories of software:(Forecasting, Order Management, Order Fulfillment, Supply Chain/WHS Management, Merchandise Allocation, Pricing/Promotions, BI/Analytics, Loss Prevention, Sales & Mktg, HR/WFM/App Dev/Customer Service, Other).

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