What Technology Retail Stores Want Most
Posted by Erica Bell on August 8, 2013 in Business Technology, Retail [ 0 Comments ]
Aiming to stay ahead of the competition? Knowing where your competitors are spending can help you evaluate your own strategy. Getting a leg up on your competitors isn’t always easy, but learning where they are allocating their budget can provide you with some insight into the trends affecting your industry the most. Retailers, class is in session. In an eTail survey, 58% of those polled responded that they are planning to spend more of their budget on online video in the next 12 month, followed by 55% who cited spending more on content management/eCommerce platforms (Tweet this!). In terms of technology, there are standout spends you should be aware of. Here are three areas of business technology that retailers are allocating their budgets to.
Retailers are spending more on software and platforms that will enhance their business’s success. Aside from the large majority who plan to increase their spending on content management and e Commerce platforms, 49% of the eTail respondents indicated they are planning to increase spend on their CRM systems and customer segmentation. Retailers also plan to increase budgets allocated to data management. Software can make your business more efficient. Ease of execution is a major factor in selecting software and platform solutions.
- Your best buy: As you begin evaluating software providers, no matter the type of software it may be, make sure you don’t go with something too robust and too expensive initially. Look for a solution that can scale as your business, budget and needs do.
Delivering a dynamic, personalized experience to each user can lead to increased revenues and higher rates of satisfaction from customers. 54% of the survey respondents cited an increased spend on usability, testing and improving the user experience. Another 67% said that they would be increasing their budget for website personalization functionality. Retailers, online and brick-and-mortar based, know that delivering a personal experience is worth the investment.
- Your best buy: If you’re unsure where to start with improving the user experience and what technology can help, take a look at the current data your business is collecting and what’s leading to abandoned carts. Do you need to optimize your site for mobile users or make the checkout process easier? The best area of spend for your business is what will lead to a better user experience and long-term success.
According to eTail, 63% of retailers plan to increase their spending on multi-channel initiatives in the next year (Tweet this!). Customers are using multiple channels to find and connect with businesses. Social media networks, blogs, and newsletters are just a few that businesses can use to communicate with customers and engage with them. The right technology can enhance your efforts and multi-channel retailing success, all the while combatting showrooming.
- Your best buy: Where are your customers located – which social networks, what locations? Your best buy will be a solution that allows you to seamlessly integrate sharing of content, deals, etc. across all the channels where your customers can be found.
Retailers are focused on driving sales and customer engagement. The technology they are choosing to invest in indicates that their priorities aren’t just on closing deals; it’s also about building a relationships with customers to deliver excellent personalized experiences, across multiple channels. The right software, testing and multi-channel initiatives will help them accomplish this.
(Image: photostock via freedigitalphotos.net)