Incisiv and Verizon have partnered on a multi-year research study to understand the digital transformation of stores in the retail industry. The research aimed to answer questions such as where retailers are focusing their store transformation efforts, their key technology priorities, and whether retailers’ store networks can handle the increase in technologies in stores.
Retailers’ 2023 technology investments will focus on improving inventory accuracy and visibility, increasing store operations efficiency, improving store associate productivity, and improving integration between store and digital systems. However, there is a significant disconnect between what retailers consider important for their store network and their level of satisfaction with it.
As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.