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Building the Retail Superstar: How Unleashing AI Across Functions Offers a Multi-Billion Dollar Opportunity Large Retailers Take the Lead in AI Adoption Figure 2)

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Building the Retail Superstar: How Unleashing AI Across Functions Offers a Multi-Billion Dollar Opportunity Large Retailers Take the Lead in AI Adoption Figure 2) Title; Ubuntu Light; 50pt/60 Subtitle; Ubuntu Bold; 12pt/15; BU RET SUSTAR: How unleashing AI across functions offers a multi-billion dollar opportunity Executive Summary Retailers around the world are embracing artificial • In addition, retailers are going after complex use cases and intelligence. Our analysis reveals that more than a quarter missing the easy-to-win AI opportunities. of the top 250 global retailers are integrating AI into their organizations. However, we also found that only 1% of AI To address these issues, and drive value from retail AI initiatives reach full-scale deployment. investments, we believe leaders should focus on these critical actions: This research also reveals a number of other challenges that are undermining retailers’ best AI efforts: • Focusing on quick wins, such as adding AI capabilities to existing websites, chat boxes, or fulfillment route plans • Most are focusing their AI efforts on sales and marketing, • Driving the maturity of data practices, such as the ability to when there is a significant opportunity to unleash AI use augment insights with external data sources cases across the value chain • Choosing AI use cases by looking through the consumer lens • In particular, many retailers are overlooking the $340 • Treating AI as a strategic imperative billion prize offered by AI use cases in operations • Boosting investment at an enterprise level. Introduction AI offers one of the most significant opportunities in the Drawing on this in-depth research, the analysis in this report retail space. Retailers across the world are investing in this focuses on: advanced technology to improve the customer experience while driving up operational efficiency and productivity. It is • Where retailers currently stand in their AI journey estimated that global annual spending on AI by retailers will • Their key areas of AI focus top $7.3 billion by 2022.1 • The critical AI use cases that merit investment • Key recommendations for embarking on a successful But how can retailers ensure that they drive value from these AI journey. significant strategic investments? What are the use cases that offer the most value? How can they unlock AI’s full potential? Artificial intelligence (AI) is the collection of capabilities And where, strategically, should AI be embedded? To and behavior by learning systems that are perceived by answer these and other questions, we undertook significant, humans as intelligence comprehensive research: While the perception of intelligence evolves over time, • Surveying 400 retailers that are implementing AI use cases typical AI capabilities currently include speech, image and at different stages of maturity – a group that represents video recognition, autonomous objects, natural language 23% of the global retail market by revenue processing, conversational agents, prescriptive modeling, • Analyzing 43 real-world use cases, assessing their maturity, augmented creativity, smart automation, advanced complexity, and expected benefits simulation, as well as complex analytics and predictions • Undertaking significant and extensive secondary research of the top 250 retailers across the world to assess their current state of AI deployment. 2 UpskillingBuilding the your Retail people Superstar: for the Howage of unleashing the machine AI across functions offers a multi-billion dollar opportunity Where retailers currently stand: AI deployments accelerating but discrepancies across companies and segments remain Retailers are accelerating • Stitch Fix, an online service that offers subscription-based their AI deployments personal styling, is deploying AI throughout their business, from identifying trends to the logistics required for better Retailers are getting serious about exploring what AI can customer personalization.5 The company is now considered offer the industry: a disruptor in the fashion industry, with $1 billion in revenue and 2.2 million customers. • Customers at some Walmart stores will find more than meet-and-greet robots. Instead, as part of a trial exercise, These examples provide a glimpse into why retail – across all they will also find robots that can scan shelves, alerting sectors – is expected to be the biggest spender in 2018.6 And, managers about the state of inventory in real time and we found that retailers are accelerating AI deployment. Over suggesting inventory models.3 They are currently live at a quarter (28%) are deploying AI in 2018, when in 2016 it was over 50 Walmart stores.4 a minority – just 4% (see Figure 1). AI is completely in a disruptive league of its own – it’s the one to rule them all, in the tolkienian sense. It lets you accomplish really exciting things with other technologies.” Paul Clarke, CTO, UK online grocery retailer Ocado2 3 Figure 1. Share of retailers deploying AI in their organization 28% 17% 4% 016 017 01 Note: These are retailers that are working on AI at any stage of maturity: pilot, multi-site deployment, and full-scale deployment. Source: Capgemini Research Institute analysis; Analysis of Top 250 retailers based on 2017 revenue from Bloomberg, October 2018. 28% Percentage of retailers deploying AI in 2018” 4 Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity Large retailers take the lead in AI adoption Figure 2). Twenty-eight percent of the top 250 retailers on the list work with AI. But, for the top 100 of those, this We found that large retailers (those with $10 billion or more number increases to 41%. in annual revenues) are more active in AI deployment (see Figure 2. Share of retailers deploying AI in their organization 2 1 5 Tp 50 etile Tp 100 etile Note: Share of retailers comprise of organizations who are working on AI at any stage of maturity – pilot, multi-site deployment, and full- scale deployment in the respective revenue category. Source: Capgemini Research Institute analysis; Analysis of Top 250 retailers based on 2017 revenue from Bloomberg, October 2018. Overall, smaller retailers lag their larger counterparts and machine-learning algorithms across its business, from invest less: customer-facing functions to operational departments – and setting up the groundwork for centralized data models to • For large retailers, with revenue greater than $10 billion, overlay their AI initiatives.7 Walmart is investing significantly 24% invest between 5% and 10% of their IT spend in AI in high-level graphical processing units (GPUs) to power • For retailers with revenue below $10 billion a year, just 7% artificial intelligence algorithms.8 There are, however, spend those levels. interesting AI initiatives from medium and small retailers too. For instance, US-based apparel retailer Guess Inc. is There are notable examples of large players making partnering with Alibaba to bring Alibaba’s “Fashion AI” significant moves. For example, Tesco is incorporating concept to its stores.9 5 The UK and France have the highest potential, our research shows some discrepancies across penetration of AI in the retail sector countries. France and the UK have the highest penetration, with over a third of retailers deploying AI initiatives. While retailers across the world are upbeat about AI’s Figure 3. AI penetration, select geographies 39% 37% 29% 29% 25% U eny Fne U Aege Note: AI penetration represents the share of retailers that are working on AI at any stage of maturity – pilot, multi-site deployment, and full-scale deployment in the respective geography. The above chart only shows countries that had a reasonable sample. Please also note that the US market accounts for a disproportionately large percentage of the largest 250 retailers in the world. (N for USA=147, Germany=28, UK=28, France=19). Source: Capgemini Research Institute analysis; Analysis of Top 250 retailers based on 2017 revenue from Bloomberg, October 2018. In the UK, online supermarket Ocado – one of the world’s automated ordering system, which is powered by AI. “Our largest online-only retailers – has been an aggressive adopter biggest new initiative has been our new automated ordering of artificial intelligence technologies. The company, in system,” he said. “It is reducing costs and stock levels while addition to selling groceries, also licenses its automation also saving time for colleagues, and providing a better offer technology and equipment. At its warehouses in the UK, for customers.”12 thousands of robots help pick groceries out of storage and fulfill as many as 65,000 orders every week.10 Paul Clarke, France boasts of a strong AI ecosystem: 270 AI-focused Ocado’s CTO explains, “Artificial intelligence (AI) offers startups; 5,300 AI researchers and €400 million public the prospect of a frictionless existence, making us more funding for AI research.13 Companies such as Facebook, efficient, helping us prevent mistakes, spotting the onset Google, Fujitsu, and Samsung have already established AI of potential problems before they become problems, and research centers in France.14 The French government has enabling us to spend more time on the things that really also recently increased its focus on making France a hub for matter to us.”11 Similarly, major British supermarket player, artificial intelligence. In early 2018, the government launched Morrisons, has been an early adopter of AI in operations. In a major initiative aimed at making France a key AI hub.15 2017, the company’s then-CEO, David Potts, spoke about its 6 Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity Apparel and footwear followed by food and the way in using AI to transform operations and personalize grocery lead in single-category retailers customer engagement: apparel and footwear and food and grocery (see Figure 4). Our research reveals that two retail sub-sectors are leading Figure 4. Apparel and footwear lead in AI penetration in single category retailers enettionB Subeto 42% 33% 29% 26% 25% 19% 18% the uttie letni e n ppel n ulti peilit etile n e peent ey te tegy ppline Note: AI penetration represents the share of retailers that are working on AI at any stage of maturity – pilot, multi-site deployment, and full-scale deployment in the respective subsector.
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