Retailers expected to deploy AI to enhance
operational efficiencies, help upskill employees and improve job
satisfaction
CHARLOTTE, N.C.,
Jan. 9,
2025 /PRNewswire/ -- Honeywell (Nasdaq: HON) today
released the findings of its AI in Retail Survey, which found that
more than 8 out of 10 retailers plan to increase use of automation
and artificial intelligence (AI) across their operations to adapt
to changing consumer behaviors, enhance employee skills and improve
efficiency for shoppers. Thirty-five percent of major retailers
plan to significantly increase their AI investment.
In new AI-focused research with large U.S. retailers and holiday
shoppers, Honeywell found that retailers are increasingly investing
in AI to address the biggest pain points they face in today's
fast-paced, omni-channel climate, including improved return
management, automating customer service and monitoring product
availability.
"We are truly in the midst of a new era for the retail sector
where evolving AI capabilities will make a positive impact on the
shopper's journey, the employee experience and the retailer's
supply chain operation," said David
Barker, president of Honeywell Productivity Solutions and
Services. "On their journey toward autonomous operations, retailers
are looking for AI and automation solutions that provide actionable
data and help to upskill their employees."
Honeywell's survey reinforced that retailers are using AI to
enhance employees' skills and improve their on-the-job experience,
which could ultimately help fill the more than 580,000 projected
U.S. retail job openings1 this year. Key findings
included:
- More than half of the surveyed retail leaders said that AI
improves employee retention, and 52% believe AI can help employees
progress more quickly in their careers, expand their soft skills
and continuously provide value to their jobs.
- More than half (6 in 10) of retail executives said that AI
tools make the job easier for employees, while 55% said they
increase job satisfaction. This aligns with the retail industry's
increasing focus on how employee satisfaction can support the
customer experience for their businesses.
AI is also playing an increasingly important role in improving
the customer experience for shoppers, both when shopping online and
in person. It can provide shoppers better access to information,
speedier transactions as well as an easier way to compare prices.
Key findings from Honeywell's survey of shoppers included:
- Two-thirds of surveyed consumers (66%) reported that they have
used AI while shopping, whether to ask a question via a chat bot,
compare prices for an item across retailers or summarize customer
reviews.
- Comparing prices across stores is by far the most sought-after
use case for AI (53%) followed by checking product availability
(41%) and having a simpler and more seamless checkout experience
(34%).
To learn more about the survey results and how Honeywell's AI
solutions are helping to shape the new retail era, please visit
https://automation.honeywell.com/us/en/industries/retail.
Methodology
Honeywell commissioned Wakefield Research to conduct the
Honeywell Retail Executives Survey and the Honeywell Retail
Consumers Survey (collectively referred to as the "Honeywell AI in
Retail Survey"). These were Omnibus surveys polling individuals
from December 2 to December 8, 2024
using an email invitation and online survey format. The Retail
Executives Survey polled 100 U.S. executives with a minimum
seniority of Vice President at retail companies with a minimum
annual revenue of $100 million. The
Retail Consumers Survey polled 1,000 nationally representative U.S.
adults ages 18+.
About Honeywell
Honeywell is an integrated operating company serving a broad
range of industries and geographies around the world. Our business
is aligned with three powerful megatrends – automation, the future
of aviation and energy transition – underpinned by our Honeywell
Accelerator operating system and Honeywell Forge IoT platform. As a
trusted partner, we help organizations solve the world's toughest,
most complex challenges, providing actionable solutions and
innovations through our Aerospace Technologies, Industrial
Automation, Building Automation and Energy and Sustainability
Solutions business segments that help make the world smarter and
safer as well as more secure and sustainable. For more news and
information on Honeywell, please visit
www.honeywell.com/newsroom.
1 www.bls.gov/ooh/sales/retail-sales-workers.htm
Media Contact:
Carly Ingersoll
+1 (704) 626-1374
carling.ingersoll@honeywell.com
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SOURCE Honeywell
