Honeywell Says Over 80% Of Retailers Likely To Boost AI Capabilities In Operations By 2025

(RTTNews) - Honeywell International Inc. (HON), a North Carolina-based multinational conglomerate corporation, Thursday published its AI in Retail Survey, revealing that over 80 percent of retailers intend to expand their use of automation and artificial intelligence to address evolving consumer behaviors, enhance workforce capabilities, and boost operational efficiency. Notably, 35 percent of large retailers plan to substantially increase their AI investments.

The company's latest AI-focused research with major U.S. retailers and holiday shoppers highlights a growing investment in AI to tackle key challenges in today's dynamic omni-channel environment. These challenges include enhancing return management, automating customer service, and monitoring product availability.

The survey underscores the role of AI in enhancing employee skills and improving workplace experiences, which could help address the over 580,000 projected U.S. retail job openings this year. Key findings reveal that over half of retail leaders view AI as a tool for improving employee retention and career progression, including the development of soft skills.

Additionally, 60 percent of executives noted that AI simplifies tasks for employees, while 55 percent reported increased job satisfaction, reflecting the industry's growing emphasis on the link between employee satisfaction and customer experience.

Honeywell's survey underscores AI's growing role in enhancing the customer shopping experience, both online and in-store. AI enables better access to information, faster transactions, and easier price comparisons. Key findings include:

66 percent of consumers reported using AI while shopping, such as through chatbots, price comparison tools, or review summaries.

Majority of respondents identified price comparison as the most popular AI application, followed by checking product availability and streamlining checkout processes.

Wednesday, HON closed at $220.17, 0.21 percent lower on the Nasdaq Global Select Market.