UK retailers suffer from retail tech anxiety amid coronavirus crisis

Many UK retailers are falling to capitalise on Covid-19 related growth in e-commerce due to crippling tech anxiety, according to research from Brightpearl.

The digital operations platform venture polled more than 500 retail firms. It found that 40% have been put off completely from making a technology investment because of the array of software options that are available to them and 51% agreed that they were suffering from ‘tech anxiety’ when it came to software purchases.

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51% admitted they did not have the time or expertise to confidently make major software investments. “The anxiety that retailers are experiencing is understandable but now is not the time for retailers to adopt a wait and see approach,” says Nick Shaw, Chief Revenue Officer at Brightpearl.

“In the face of rapidly changing consumer lifestyles and shopping habits, businesses are finding the need to pivot quickly to stay competitive in today’s landscape. Brands must think strategically and make the necessary adjustments to their retail operations to capitalise on the uplift of online demand, or they’ll potentially miss out on the e-commerce boom,” he continues.

He adds that his company has seen a number of its online customers quickly adding multiple channels, changing their delivery models or offering curbside pick up as a response to the shifts in shopper needs and behaviour during the coronavirus outbreak. “But that’s only possible with the right technology in place.”

The research also found that, in the face of a wide array of technology choice, 66% of retailers will opt for the most familiar brand name. whilst 37% of buyers would invest in the cheapest available software.

Shaw comments: “While cheap and familiar might seem like a good short-term fix, a number of customers come to us because of issues they encounter over a two-three year period as they begin to grow. It is important to research all options and invest with a technology partner that is fit to scale with your business.”

“For brands who are seeing a slowdown, this is a perfect opportunity to take the time to really evaluate your tech stack without worrying as much about disruptions,” Shaw concludes.