The 2024 Linked Retail Expertise Examine: Specializing in Omnichannel Effectivity by Incisiv, performed in collaboration with Verizon and Cisco, exhibits that retailers are actively in search of modern applied sciences to revolutionize retailer effectivity, mitigate growing retail theft, and deal with vital labor shortages.
This pivotal shift in direction of digital transformation highlights the pressing want for built-in, clever options that not solely improve buyer satisfaction and profitability but in addition streamline operations in an more and more advanced retail atmosphere.
Key findings from the examine embody:
Omnichannel effectivity is significant but underachieved
Retailer effectivity, the #1 driver of retail enterprise technique, enhances buyer satisfaction and revenue margins. Nonetheless, solely 36 p.c of grocery and normal merchandise retailers specific satisfaction with their present know-how infrastructure.
Retailers have a digital affiliate expertise divide
Solely 11 p.c of shops meet the digital expertise expectations of their Gen Z retailer associates. Simply 26 p.c of grocery and normal merchandise retailers are happy with the technological instruments out there to their workers.
Automation and AI: Vital potential however understanding is restricted
A mere 14 p.c of shops have a standard understanding of AI throughout the group. Though retailers estimate 72 p.c of retailer duties could be absolutely or partially automated, solely 33 p.c have been automated thus far.
Loss prevention rises to the highest of the agenda
Greater than 9 in 10 (92 p.c) retailers say bettering loss prevention is a crucial driver of their retailer know-how technique, up from 52 p.c only a yr in the past. Nearly all (98 p.c) of enterprise executives and 85 p.c of IT executives cite loss prevention as a very powerful end result for investments in retailer programs.
“This shift isn’t just about know-how implementation; it’s about shaping a brand new retail paradigm,” stated Gaurav Pant, chief insights officer at Incisiv, in a information launch. “Bridging the omnichannel hole isn’t just a matter of aggressive benefit however a necessity for survival, and adopting new applied sciences like automation is the frontier for differentiation. The disparity in digital expertise for retailer associates, particularly amongst Gen Z, is greater than only a technological shortfall; it’s a wake-up name. Retailers should speed up their digital initiatives to empower their workforce.”
“As retailers deal with loss prevention and real-time stock monitoring via the deployment of AI-powered stay video evaluation demanding extra bandwidth and velocity, their networks shall be pressured like by no means earlier than,” stated James Hughes, Retail CTO at Verizon Enterprise, within the launch. “Retailers proceed to enterprise on their digital transformation journeys and it’s crucial to deliver collectively disconnected programs to create highly effective, modular and clever options that may allow new functionalities, smarter insights and sooner decision-making.”
“What I discovered most hanging concerning the outcomes of the survey was that there’s a distinct hole between the enterprise wants expressed by these chargeable for retail operations, and the perceived wants and resultant capabilities supplied by their current know-how platforms.” stated Mark Scanlan, international trade lead of retail at Cisco, within the launch. “This can finally outcome within the enterprise deploying shadow IT options to ship the performance they want.”
