WBR Insights surveyed 100 Retail Directors and industry leaders to find out about the challenges they are facing in 2021 due to the impact of COVID-19 and the innovative solutions they are putting in place.
Here are some of the key results that came through to strategically restructure retail post-Covid-19, from strategic priorities and technology investment goals to how retailers can blend digital and physical customer channels.
Table of Contents:
- Retailers’ Strategic Priorities in 2021
- Blending Digital and Physical Customer Channels in Retail
- Retail Technology Investment Goals Post-COVID-19
1. Retailers’ Strategic Priorities in 2021
- The majority of respondents (39%) said mobile phones will have the most ROI post-COVID-19 when working with customers on the shop floor.
- The majority of respondents have allocated 31-40% of their budget for customer experience innovation in the next 12 months.
- The organizations of respondents are planning to invest the most in artificial intelligence (AI), customer relationship management (CRM) and mobile apps.
2. Blending Digital and Physical Customer Channels in Retail
- The majority of respondents think their customers do not get a true omnichannel experience when they shop with them. Therefore, 56% are planning to invest in digital technology to make unified commerce a reality within the next year.
- 57% said that investing in omnichannel is a top priority for their business.
- 53% consider physical retail stores important or somewhat important to their business as retail bounces back from COVID-19.
3. Retail Technology Investment Goals Post-COVID-19
- 70% said they would invest in an integrated mobile platform.
- 25% said their organizations are looking to invest in technology to solve their merchandising and trade operations challenges, 21% to support product training and implementation, 20% for store performance monitoring and 19% for store audits.
- 48% said increasing in-store conversions is most important for their organizations.
See all the data and insights from retail industry leaders in the full report here.
And if like 70% of retail industry leaders, you also want to up your retail performance with a fully-integrated mobile platform, contact us for a demo today.