European retailers on a €250 billion goldmine thanks to AI: these are the 5 priorities

Artificial intelligence (AI) could generate between 240 and 320 billion euros for the European retail sector over the next five years. Yet most retailers are still failing to translate their AI investments into measurable financial results. This is according to research by McKinsey and EuroCommerce.

Underestimated in negotiations and pricing

“Retailers are no longer asking themselves whether they should adopt AI, but how quickly they can do so to remain relevant,” according to the report ‘Rewiring Retail in Europe: The AI Imperative’ by McKinsey & Company and EuroCommerce. In other words, the retail sector has moved past the phase of experimenting with AI; now it’s all about scaling up.