Retailers grapple with innovation curve challenge, RBTE
New research by Retail Business Technology Expo (RBTE), involving over 7,500 retail professionals, reveals the top challenges faced by the sector. These are:
Keeping up with technology advancements, identified by 35% of retailers.
Issues around meeting customer experience were cited by 25% as the greatest barrier facing their organisations.
Concerns around competition and saturation of the retail market were cited by 10%, a theme highlighted in the Grimsey Review 2, which suggested the current High Street crisis could leave 100,000 shops empty within a decade.
Driving and retaining customer loyalty (6%) and delivering personalised services for shoppers (6%).
This is mirrored by customer frustrations around the shopping experience, with a lack of omnichannel integration between online and in-store leaving 71% of Brits disappointed, according to recent research from Vodat. While another poll by PCMS revealed 84% of shoppers put their decision to shop with a retailer again down to the levels of personalised service they experience during their buying journey.
Matt Bradley, Show Director at RBTE, says: “Innovation is king in the retail industry - and business leaders must now, more than ever, define and prioritise driving digital transformation into their own strategies, whether through omnichannel customer service, payment options, product access and clever shipping opportunities.”
“The evolution of technology within retail is shaping how consumers behave and interact with brands. Retail technology has become central to retail and continues to shape the future of the sector – and it’s our role to showcase the most innovative, new and exciting retail technology products, services and solutions crucial to the success of modern multi-channel retailing.”