Retailers face major digital transformation challenges, Econocom UK

95% of UK retailers believe that payment-over-time solutions are either important or very important to delivering future digital innovation, with 42% opting for the latter, according to research from Econocom UK. Furthermore, 99% stated that a payment-over-time model would make it easier for them to achieve their digital transformation goals.

The research, conducted on behalf of Econocom by Censuswide, polled 100 key IT, digital and finance decision makers across the UK retail industry. 98% felt it was either important or either very important for them to regularly refresh their in-store technology assets in order to continue innovating. On average, respondents said their businesses were upgrading these assets every 15 months. 67% of respondents wanted to improve customer experience and satisfaction, while 55% were looking to future-proof their business.

However, the research also found that 60% of respondents have struggled to implement new in-store digital technology assets as part of their transformation plans, either due to reliance on legacy IT systems, a lack of funds and/or a lack of staff resources. Just 8% felt as though there were no barriers to implementation, but 99% commented that a payment-over-time model would make it easier for them to achieve their digital transformation goals.  

Chris Labrey, Managing Director, Econocom UK, says: “This research proves that existing business models are not conducive to industry innovation. As the figures show, a huge majority of retailers have found it difficult to achieve their digital transformation goals without being faced with obstacles, whether they be technical, financial or otherwise. However, payment-over-time models can help retailers jump these hurdles easily, and the demand for them amongst retailers is obvious. By paying for the desired in-store digital technology assets in regular instalments and having all the assets implemented and managed by a trusted provider, retailers can keep their customers satisfied and continue to drive forward innovation in the retail sector for a long time to come.” 

Digital signage was the most-desired technology asset among retailers, with 57% of respondents looking to implement it into their stores. MPoS systems were next up (48%), followed by mobile devices (45%).