Posted 12/01/2016 by Tim Clark
Disruption across all sectors of retail is unprecedented in scale and pace. The cause: blistering speed of technology adoption by established competitors, the unrelenting emergence of smaller, more nimble niche players and — topping all — increasingly fickle, frugal, tech-savvy consumers.
Retailers understand that survival hinges on their ability to transform. That’s why retailers are spending heavily on innovative technology. One leading analyst firm forecasts worldwide IT spending in the retail sector to grow 2.3% in 2016 for a total of $182 billion.
But beware: investing in innovation for innovation’s sake, a trap many retailers fall into, amounts to little more than sticking a band-aid on a sucking chest wound. If it’s not directly helping to provide customers an immersive, convenient and satisfying shopping experience, no amount of technology investment will be enough to stave off disruption.
The holiday season provides retailers a great opportunity to gain the insight into consumer behavior they need to identify and invest in those technological innovations that will truly make a difference and ensure their relevancy today and through the years ahead.