The What Matters to Today’s Consumer report found that of those that have used generative AI tools, around half state that it has 'notably enhanced' the experience.
The study also noted that generative AI can help to improve retailers' operating efficiency, with close to eight in ten retail organisations stating that genAI can help improve internal operations and enhance facility maintenance.
“Retailers need to rethink operational strategies and adopt innovative solutions, such as AI, automation, Internet of Things (IoT) to enable smarter demand sensing, touchless forecasting, efficient fulfilment options and offer improved consumer interactivity," commented Lindsey Mazza, global retail lead, Capgemini Group.
"All of these provide opportunities to reduce the cost of goods sold and unlock cross-channel growth.”
A headline finding from the report indicates that 43% of consumers fear that their personal finances will worsen over the next few months, compared to 80% who felt that way a year ago.
In addition, two thirds of respondents (65%) indicated that they expect retailers to alert them about shrinkflation and skimpflation, while close to three quarters (73%) say that they will be 'more loyal to retailers that help them through challenging times.
“Though consumer concerns have eased this year, they remain prudent about spending and are either unwilling or unable to spend more," Massa added. "It is crucial for retailers to transform their operations in order to pass on cost benefits to consumers, who are increasingly selective in their choice of products and brands."