The Market Challenge
Retail is an industry undergoing rapid transformation. The impact of digital commerce pure-plays has been felt both at the top line and also in growing customer expectations around the digital experience and its role in-store. In turn, this is driving rapid change in the products, services and shopping experience retailers must deliver.
The need to deliver a personalized customer experience alongside a streamlined and responsive purchasing journey will create opportunities across the ecosystem. The need for support in wholesale digitalization will drive a need for solutions across all areas, but particularly digital commerce and payments, CRM and customer lifecycle management, and an integrated real-time view of orders and inventory.
How Ovum Helps You
Understand how customer engagement and digital transformation strategies will drive ICT investment priorities for 2018
Maximise your market impact, by using Ovum’s independent research to understand exactly what is driving retailer IT investment agendas at a country and regional level
Stay ahead of the competition, by understanding where and how new entrants, digital service providers and established vendors are bringing new products and services to market
“The need to deliver a truly personalised and integrated cross-channel customer experience will see global ICT spend by retailers reach $226 billion by 2021”
ICT Enterprise Insights – Global survey of retailer pain points and IT buying intentions for 2018-19
ICT Spending Forecasts – Global 5 year projections for retailer IT spending, segmented by country, source and line of business
Themes for 2018
Changes in Store: The future of the physical outlet
While the growth of ecommerce has created a challenge to the role of traditional physical outlets in the future distribution mix, reports of the demise of this channel are exaggerated. The opportunity to transform both how customers experience the store as part of a cross-channel purchasing journey, and also how value is returned to the retailer are substantial. IoT, AI, augmented reality and customer analytics will be core topics on the customer experience side, while the ability to more intelligently manage inventory will be equally transformational for the role of store employees.
Intelligent forecasting: Leveraging data as a strategic asset
Turning data into strategic insight is at the core of all retailers digital journey. The opportunity for retailers is no longer in applying data analytics to pools of data within retail channels but rather looking for innovative and disruptive opportunities to drive operating efficiencies and customer engagement across all retail channels equally. By establishing a omni-channel data analytics strategy retailers can combine store, channel, logistics, staffing, and sourcing dynamics together to identify new revenue generating opportunities for retail growth.
Payment innovation: Delivering a frictionless transaction experience
As retailers invest in transforming their customer experience, the ability to offer a frictionless payment process has become increasingly important. Integral to both delivering on customer expectations in the online and mobile channels, this will grow in importance within the store environment too. Investments in payment technology, to take advantage of regulatory changes, and particularly where providers can deliver incremental sales growth and deliver valuable customer data, will be high on the agenda.