Retailers Lead AI Deployment in 2024 Despite Increased Concerns Around Implementation Costs
2024年6月18日 - 10:15PM
Lucidworks, a leader in search and total AI solutions, today
released new retail-focused findings from its second annual
Generative AI Global Benchmark Study. The study gathered input from
over 2,500 leaders involved in AI technology decision-making
worldwide. The report explores key areas of generative AI
investment and organizations' progress in adopting generative AI.
Despite the initial hype, slow deployment and low success rates
are commonplace across most industries, with only 25% of planned
projects fully implemented. However, retail leads deployment in
revenue and growth initiatives and is second in total AI
deployments across all industries. Retailers are also seeing strong
financial benefits from AI, with nearly half already reporting
increased revenue and cost savings as a result of their
initiatives.
Concerns around AI spiked across all industries in 2024,
including three times as many security concerns, five times as many
accuracy concerns, and four times as many transparency concerns.
The largest spike was around implementation costs which increased
from 3% in 2023 to 43% in 2024. Retailers are particularly
concerned about costs (64%), but they are still rapidly adopting AI
and experiencing fewer delays than other industries.
The 2024 Generative AI Global Benchmark Study also includes the
following findings:
- Investment Slowdown:
Global AI spending plans are down sharply, with only 63% planning
increases (vs. 93% last year). USA-based organizations remain above
average with 69% planning to increase AI spend.
- Slow Progress: Delayed deployment and low
success rates are commonplace with only 25% of planned projects
fully implemented. This lag is stalling anticipated ROI, with 42%
of companies yet to see significant benefits from generative AI
initiatives.
- Spending Flattens: Across all organizations,
36% of leaders plan to keep spending flat, compared to only 6% in
last year’s survey.
- China’s Sharp Decline: Only 49% of Chinese
leaders plan to increase AI spending in 2024, a massive drop from
100% in 2023.
- Commercial LLMs Dominate: Nearly eight in 10
companies use commercial LLMs and 21% have opted for open source
only.
- Competitive
Concerns: A third of business leaders feel like they’re
falling behind competitors despite almost everyone struggling to
implement this new technology.
"In 2023, nearly 50% of retailers had a positive view of AI, one
of the highest percentages across the industries surveyed. That
initial wave of enthusiasm translated into one of the most
successful deployment rates in 2024,” said Mike Sinoway, CEO,
Lucidworks. “Retailers are constantly under pressure to innovate
and adopt new technologies to enhance customer experiences, often
setting the pace for other industries. The key for retailers moving
forward is to strike the right balance between reaping the rewards
of AI, managing costs, and mitigating potential risks."
Download the complete 2024 Generative AI Global Benchmark Study
and accompanying retail-focused findings today. Learn more about
Lucidworks at Lucidworks.com.
About Lucidworks
Lucidworks clients are more than 2.5x more likely to
successfully deploy generative AI initiatives than their peers. The
world's largest brands including Crate & Barrel, Lenovo, and
Red Hat rely on Lucidworks' suite of products to power commerce,
customer service, and workplace applications that delight customers
and empower employees. Contact us today to build your AI success
strategy.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1c8565f9-bf46-4258-9066-94431e05c0ec
Press Contact:
Lauren Gill
Escalate PR
lucidworks@escalatepr.com