It’s undeniable that GenAI is have a major impact across industries, especially since OpenAI introduced ChatGPT last November. But what does that mean in terms of dollars and cents? Research firm IHL Group has taken a stab at the collective impact of AI, GenAI and machine learning on the retail and restaurant sectors through 2029 in its new report: $1.5 trillion, with a “T.” Worldwide, IHL estimates, that figure is $9.2 trillion.
The firm has also ranked the top 7 firms across a variety of retail sectors in terms of their AI readiness and projected business impact. IHL president Greg Buzek breaks down the findings and discusses the factors that went into their rankings in our latest MCM CommerceChat podcast.