(Finance) – While the retail faces increasing pressure due to evolving consumer expectations and general economic difficulties, a new study byIBM Institute for Business Value, reveals a growing gap between customer demands and current offerings. For the realization of this third study, every two years, on consumers, “Revolutionize retail with AI everywhere: Customers won’t wait“, approximately 20,000 people around the world were interviewed, which highlighted adissatisfaction general in their shopping experiences, with only 9% saying they were satisfied with the in-store experience and 14% with online purchases.
However, the technology could play an important role in improving the whole shopping experiencewith over half of the interviewees declaring that they are eager to be able to take advantage of the innovations brought by artificial intelligence during purchases, such as assistants virtual (55%) and applications of intelligence artificial (59%). Influenced by the economic situation, six in ten consumers also say that inflation has had an impact on the way they shop, with 62% saying price is a major reason for switching stores or brands.
“Faced with rapidly evolving consumer expectations and the bleak reality of the current economic environment, the retail sector faces ongoing challenges, but also has the opportunity to seize unprecedented opportunities,” he said Luq Niazi, Global Managing Director IBM. “Today’s consumers, faced with an enormous number of choices and channels, increasingly make purchasing decisions based on the cost and quality of the experience that retailers offer. The IBM IBV Consumer 2024 Study highlights the opportunity for retailers to integrate artificial intelligence and other technologies in creating both digital and physical retail experiences that respond to changing consumer demands and economic challenges. By effectively using technological evolution and AI, retailers can evolve, and, thanks to innovation, create intuitive, unique, personalized and efficient customer experiences.”