According to the latest research from SAP Emarsys, 72% of marketers report an increase in AI investment. Consumers are also increasingly eager to see the positive benefits from retailers adopting AI technology. 64% of US consumers believe AI is already having a positive impact on their retail experiences - a 13% increase YoY.

The practical implementation of AI in Retail needs to start with solid foundations. Starting with data; all retailers have data, and a lot of it, but it needs to be organised, available and democratised so that it can be used with confidence without latency.

From a technical architecture perspective retailers need to determine whether they are going to build the data engineering muscle themselves or partner with a technology vendor that creates AI technology used by many. This is important as it will help to determine the technical components required for development and deployment of AI.

Governance is essential, retailers must establish a multidisciplinary team aware of AI Ethics, tasked with ensuring solutions deployed are responsible, reliable, and relevant.

While predictive analytics in AI has become more familiar, the advent of Generative AI makes 2024 an incredibly exciting time for anyone working with AI. This new era holds endless possibilities, promising supercharged efficiency and productivity, empowering marketers to focus on innovation and driving revenue. Knowing the opportunities for business transformation at stake, it is imperative retailers create a safe environment for experimentation. This approach aligns with SAP Emarsys' endorsement of the newly introduced EU AI Act.