GenAI Applications in Retail Transaction Analysis

This report, titled 'GenAI Applications in Retail Transaction Analysis: Industry Trends and Insights,' presents findings from a collaboration between PYMNTS Intelligence and Fiserv. It examines the integration of generative artificial intelligence (GenAI) within retail operations, focusing on its impact on transaction security and personalized shopping experiences. The report highlights that businesses adopting GenAI are experiencing significant benefits in customer retention and decision-making accuracy. However, it also notes a gap in confidence among retailers regarding their analytics capabilities, with less than one-third expressing high confidence in their data management skills. The report is based on a survey of 390 executives from retailers generating over $500 million in revenue, conducted between June and August 2024. Key findings indicate that while GenAI adoption is prevalent, many retailers face challenges in leveraging their data effectively, emphasizing the need for improved data foundations to maximize the potential of GenAI in driving growth and innovation.