8 TCS AI for Business Study – Retail Report Executives want to innovate and make money with AI The Retail industry is more focused on using AI to spur innovation and grow revenue than are most other industries. On a 10-point scale between “optimization” and “innovation,” Retail executives averaged 6.96, compared to an average of 6.69 for all other industries. Q. On a scale of 1 to 10 — where 1 is solely interested in using AI to lower costs and optimize operations and 10 is solely focused on spurring innovation and revenue growth — where would your company's current approach toward AI fall? Retail Solely or mostly focused on using AI to lower costs and optimize operations Focused on optimization, but with an eye toward innovation Focused on innovation, but with an eye toward optimization Solely or mostly focused on using AI to grow revenue and spur innovation of Retail Pacesetter executives said they are more focused on innovation and revenue growth than on lowering costs and optimizing operations. 82% 51% 22% 19% 8% 60% 23% 11% 7% PACESETTERS