The study surveyed 150 C-suite leaders to measure the level of data maturity in the retail industry today. Research focused on how large organizations (+$2 billion in revenue) are leveraging artificial intelligence (AI), machine learning (ML), algorithmic retailing, customer data platforms (CDPs) and other technologies to drive revenue and enhance the customer experience.
The survey found that while a majority of retail organizations are investing more in data and analytics and feel like they’re ahead of their peers when it comes to AI adoption, they’re really only scratching the surface when it comes to using data in a way that provides deeper, more actionable insights.
“A lot of retailers don’t have an integrated tool set where they can action against data models that are creative. This takes time and investment, but our findings suggest that retailers are overconfident,” Hilding Anderson, head of retail strategy, North America, Publicis Sapient, noted in the report.
Data as a disruptor
Retailers are seeing initial ROI for their investments, but need to dive deeper into the data to drive growth in the future. As AI and algorithmic retailing become more established, retailers are left to figure out how to gain more clarity and maximize value, while reducing internal friction and creating a culture of change within their organizations.
- Dan Peltier and Amy Onorato contributed to this article