95% of retailers use AI – but only 5% see real returns

New report from Voyado and Retail Economics reveals a structural gap holding back AI's impact in retail

Voyado and independent research consultancy Retail Economics are launching a joint report on the state of AI in retail. The conclusion is clear: almost all retailers are experimenting with AI, but few have built the foundations needed to turn it into real commercial impact. The gap is not about access to technology – it is about data infrastructure and organizational maturity.

The findings are based on a survey of 300 retail marketing and e-commerce leaders, combined with economic modeling and AI task analysis.

Key findings from the report

• 95% of retailers have trialled AI in marketing or e-commerce, but only 5% report clear, scalable return on investment
• 44% of Scandinavian retailers' marketing budgets – around €1.6 billion annually – will sit in areas directly exposed to AI by 2030
• Advanced retailers draw on nearly twice as many data sources as their mid-stage peers
• 58% cite a skills gap as the primary barrier – four of the five biggest obstacles are organizational, not technical
• 71% expect AI to be a natural part of their marketing operations within two years
• 45% expect it to be generating measurable returns within the same time period

€14.9 billion of retail marketing and e-commerce spend exposed to AI by 2030

The economic exposure is significant. According to the report's modelling, 39% of marketing and e-commerce budgets among retailers will sit in areas directly affected by AI by 2030 – equivalent to approximately €14.9 billion annually.

Exposure varies by function: data-intensive areas such as analytics, CRM and loyalty are among the most immediately AI-ready, while brand and creative functions retain a greater degree of human input but remain economically exposed nonetheless.

Data foundation determines who wins

AI is only as good as the data it has to work with. That is why advanced retailers consistently invest in building strong data foundations – not as a technical project, but as a commercial priority. Without that foundation, AI optimization remains narrow and isolated, regardless of how many tools an organization adopts.

Felix Kruth, Chief Product Officer at Voyado, says:

“What’s most exciting is that we’re still very early in the journey, and the AI we’re using today is likely the least impressive version we’ll ever see. This is still young technology. Generative AI has already delivered significant efficiency gains, but it’s agentic AI, built on the right data foundations, that will prove real commercial value.”

"In the race to demonstrate AI progress, it is easy to focus on what is visible: new interfaces, chatbots, and features. But without the right data foundation and context, the impact simply does not materialize. The real value in retail is created by AI working in the background – prioritizing the right customers, optimizing decisions, and ensuring the right thing happens at the right moment.”

Culture is the biggest barrier

The report also shows that access to AI technology is not the problem – culture is. Four of the five biggest barriers are organizational rather than technical: a skills gap (58%), internal resistance (57%), legal and data privacy concerns (54%), lack of trust in AI-driven decisions (53%), and integration challenges with existing systems (49%). Without internal expertise and clear ownership, AI remains an experiment rather than a business advantage.

The window to act is closing

71% of retailers expect AI to be a natural part of their marketing operations within two years, and 45% expect it to be generating measurable returns within the same timeframe. Those who do not build the right foundations now risk falling behind as AI shifts from a competitive advantage to a baseline capability.

Richard Lim, CEO at Retail Economics, says:

“The next two years represent an inflection point as AI shifts from experimentation to competitive necessity. Retailers are on a journey, and while most have begun testing and deploying AI, few have reached a stage where it is delivering consistent commercial returns”

“As AI transforms retail tasks, it is reshaping how marketing and e-commerce spend is executed. The retailers that succeed will be those building the right data foundations, skills, and operating models now, as AI becomes a core requirement for competing effectively in retail.”

See the appendix for more information on methodology, as well as the associated models and visualizations.

Read the full report here:
http://www.voyado.com/the-state-of-AI-in-retail