Editor's Note: Announcing the Release of Total Retail's 2018-2019 Retail Technology Report
The majority of retailers are focusing their attention — and budgets — on tried-and-true retail technology systems that have proven return on investment such as e-commerce platforms, point-of-sale (POS) systems, and analytics solutions, according to Total Retail’s 2018-2019 Retail Technology Report, which was released today. This comprehensive report, the second annual, offers readers exclusive insights into the retail technology landscape, including current usage, the emerging technologies that retailers are most interested in and believe will have the biggest impact on their businesses, how retailers are purchasing technology, and much more.
Total Retail surveyed its audience of retail executives to get a better understanding of their current usage of retail technology, as well as future technology needs and wants. Specifically, we wanted to know how their spending on retail tech was going to change — if at all — in 2019. Highlights from the data collected include the following:
- A majority of respondents (37 percent) are not planning to spend money on emerging retail technologies within the next 12 months. This finding supports the narrative that retailers are focused on getting the basics right first before investing in new, emerging tech that may not have an easily measured ROI.
- The emerging retail technology that respondents are most interested in is artificial intelligence (AI). Nearly one-third of respondents (32 percent) believe AI is the emerging technology that will have the biggest impact on the retail industry in 2019. The next-closest answer was the Internet of Things (IoT), significantly less at 13 percent.
Other Retail Technology Trends
In addition to providing data on retailers‘ current and future plans for tech usage and spending, the report also reveals insights into the technology buying process within their organizations. Some findings around this concept include the following:
- Eighty-nine percent of respondents said they evaluate between two to five service providers for a moderate to major technology purchase.
- Sales/revenues gains are far and away the most important metric for retailers when evaluating the success of a technology investment (chosen by 57 percent of respondents). The next closest answer was cost savings at 40 percent.
The report serves as a valuable resource for retailers looking to learn more about the technology landscape within their industry. Benchmark yourself against the competition and discover future technology adoption and spending trends that can help position your business for success.
Download the report today!
Related story: The 2018-2019 Retail Technology Report