An Analysis of Trends, Buying Behaviors, and Future Opportunities
In order to keep pace in a hypercompetitive retail environment, as well as meet the increasing demands of fickle and fragmented consumers, retailers and brands are looking to technology for help. This extends to all facets of their businesses, from consumer-facing brick-and-mortar stores and digital properties, to back-end systems and solutions that are powering marketing, supply chain, customer service, among other functions.
The result has been increased investments in technology that enables the one-to-one relationships that are at the heart of any retail business today — e.g., marketing automation, personalization, CRM platforms. However, this increase in technology spending hasn’t extended to the emerging tech that’s generating buzz but, at least so far, little in terms of return on investment. (With the exception of artificial intelligence, which will be addressed later in this report.) These are just a couple of the key takeaways from Total Retail’s 2020 Retail Technology Report, which was produced in conjunction with Orckestra Technologies, a leading omnichannel commerce platform for innovative retailers and brands.
Total Retail surveyed its audience of retail executives to get a better understanding of their current usage of technology, future technology needs and wants, and their processes within their organizations for technology purchases.
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