Bangkok – CEOs in the Consumer and Retail field are optimistic about the growth of their respective companies, although opinion is divided among them on the global economic recovery, according to 120 sector leaders surveyed. According to the KPMG 2024 CEO Outlook, while 82% forecast growth in their companies, only 59% are optimistic about the wider economy, marking the lowest optimism among industries.
While the industry sees AI as a primary growth engine, it has thrown up challenges such as economic uncertainty (58%), geopolitical complexities (53%), and Gen AI adoption (48%), the sector sees AI as a critical growth driver. On top of that, 81 percent of these leaders will spend on improving the AI experience-primarily in sales and marketing-with 67 percent expecting a return on investment in under five years.
“Consumer and retail CEOs face challenges of economic uncertainty, geopolitical complexities and Gen AI adoption. However, by integrating sustainable practices, investing in Gen AI for sales and marketing, and prioritizing cybersecurity measures, they have the potential to gain a competitive edge and drive business success in the years to come,” said Chortip Varutbangkul, Partner and Head of Consumer & Retail, KPMG Thailand.
Ethical concerns are rising, with 61% citing AI risks and 84% advocating AI regulations comparable to climate commitments. ESG principles are now integral to 74% of C&R businesses and 63% of these firms are confident in reaching net-zero goals by the year 2030.
The survey underscores the sector’s resilience, with leaders focusing on AI-driven strategies, sustainability, and inclusivity to navigate an evolving economic landscape. Further updates on their progress and initiatives are anticipated.
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