Retailers must seize retail tech opportunity, Hitachi Consulting

New research by Hitachi Consulting reveals that retail technology directly affects where people shop.

The company surveyed 2,000 British consumers and found that 69% of respondents aged 24-35 claimed they would be more likely to shop with a retailer that was enhancing the shopping experience with innovative technology. 72% of this generation also stated their shopping habits differ to a decade ago.

Less than one in ten baby boomers would shop elsewhere to benefit from technology and only 6% of those of retirement age (65+). These age groups have also changed the least in the last decade (36% for baby boomers and 33% for shoppers aged 65 and older).

Whereas only around 15% of respondents with lower income would be influenced by technology, over two-third with an income of £75,000-£99,000 would, as would three-quarters earning £100,000 and nine out of ten earning over £125,000.

“The research is clear: retail technology, such as digital signage and real-time inventory availability systems, will directly affect where consumers will shop in future,” says Hitachi Consulting’s retail specialist, Pierson Broome. “We’re seeing more retailers experiment with innovative technology and the ones who best capture its ability to enhance the customer experience will be most likely to satisfy the growing demand from younger generations. Considering these will be the highest earners and biggest spenders over the next few decades, retailers must seize the opportunity technology offers to gain their custom.”