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AI in Retail: The Questions Every Retailer Should Ask Before Investing

Artificial intelligence, and now generative AI, has rapidly transformed the business landscape, particularly for retailers navigating changing consumer expectations, supply chain complexities, and operational inefficiencies. The global AI in retail market was valued at $7.14 billion in 2023 and is projected to grow at a staggering 31.8 percent compound annual growth rate, reaching $85.07 billion by 2032. However, the key to leveraging AI effectively isn’t simply adopting the technology — it’s about asking the right questions. As a partner at global professional services firm Forvis Mazars, I advise retailers to shift their focus from whether they should implement AI to how they can solve specific challenges using AI. With risks, investments, and ethical considerations to weigh, the right questions can determine the success of AI initiatives. Start With the Problem, Not the Technology One of the biggest mistakes retailers make is rushing to implement AI without a clear understanding of the problem they’re trying to solve. While it’s tempting to follow competitors into AI adoption, blindly applying the technology can lead to wasted resources and missed opportunities. Instead, retailers should ask themselves: What specific challenge are we trying to address? Can AI offer a solution that’s more efficient or effective than current methods? For example, a retailer

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