Today, with thousands of stores and a highly-competitive omnichannel environment, retail is tougher than ever. Margins are tight, customers have digital access to pricing and other information, and rapidly-shifting demographics constantly impact product mix and priorities.
Retailers are also going through an unprecedented period of digital transformation that is shifting them from a model they operated on for decades to one that needs to be agile and adapt to change at a rapid rate. For retailers to stay ahead, every detail of customer behaviour and operations must be regularly monitored in real time. To do this, retailers must continually augment and explore new and existing technologies.
But priorities can be lopsided. Investments into store systems reporting operational insights consistently rank lower in order of importance when
compared with those that measure merchandising, marketing, supply chain, consumer and financial insights.
The technology is there – retailers just need to be empowered to use it to better their businesses.
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