Retailers must find ways to grow revenues, manage costs and improve efficiency despite facing brisk headwinds in 2023. And, they’re doing so by leveraging investments in technology and solutions, according to a report released by Coresight Research and sponsored by VMware.
In fact, more than two-thirds of retailers plan to increase their investment in technology over the next three years, with nearly three in 10 (29%) planning to increase spending by at least 10%.
From Coresight Research:
- The most widely deployed technology is RFID (radio-frequency identification) or smart tags for tracking—currently used by 56% of respondents. Other top technologies, such as digital video (51%) for loss prevention, reveal retailers’ focus on enhancing safety and security.
- The top technology for future investment is in-store checkout, cited by 47% of respondents. Other popular technologies retailers plan to increase their investments in include RFID tags, energy monitoring and Internet of Things (IoT) applications.
- Nearly half of all survey respondents ranked supply chain visibility/management as one of the Top 3 components impacting net revenue in the business insights category.
- Energy monitoring emerged as the top-ranked elements impacting net revenue, on average.
- 22% of survey respondents indicated that customer service has the biggest impact on revenue.