A new report revealed that many in the retail industry are turning to artificial intelligence as they lose revenue to inefficiencies in their stores.

The report comes from retail technology company Simbe and research firm Coresight, surveying 150 retail decision-makers across the U.S. "to assess industry pain points" and the technology being adopted to address those issues. 

Among those who were surveyed, 70% said they've lost at least 4.5% of their revenue to in-store inefficiencies for out-of-stocks, price and promotion execution, planogram compliance, and allocations and assortment planning. To fix these problems, retailers appear to be turning toward boosting their investments in artificial intelligence, data analytics, and automation. 

“Modern retail has simply become too dynamic for status quo tools, and retailers who fail to adapt are experiencing the financial ramifications,” Coresight CEO and founder Deborah Weinswig said. “As the retail technology industry continues to advance, we’re seeing more leaders invest in proven AI- and data-based solutions that drive efficiencies and enhance transparency throughout the store."

Of those surveyed, 58% said they plan to allocate six to nine figures toward "enhancing in-store intelligence capabilities." Over half said they have a "strong interest" in intelligence platforms that can automate inventory tracking, optimize promotion and pricing, and provide advanced data analytics. 

Respondents came from a variety of backgrounds, including drugstores, grocery stores, mass merchandisers, and warehouse clubs/wholesalers.