In an increasingly competitive retail landscape, retailers are looking for ways to innovate and shift budget priorities to stay ahead. In a sea of new technologies and omnichannel challenges, one thing remains clear: retailers are optimistic about growth and ready to invest in the technologies their customers demand. Lightspeed conducted a survey of more than 1500 independent retailers to find out which technologies have made the biggest impact, and what retailers plan to spend more time and resources on in the coming year, laying out a roadmap for the future of retail success.
While EMV and mobile payments adoption may present an obstacle in the coming months, retailers have still shown they’re focused on modernizing and investing in the right technologies to keep their customers happy and make smarter, databacked decisions.
The majority of independent retailers have modest budgets (82% of retailers have a technology budget of less than $200/month), so they are looking for affordable technologies to help them improve their stores and process and drive revenue now. In an open-ended section that asked retailers about their biggest concern for the next 12 months, attracting new customers and maintaining cash flow in the economy were consistent themes. Despite these concerns, retailers are putting their faith and budgets into technology.
From increasing online investments, adopting new technology and investing in new data programs, retailers are putting money into solutions that help them make a more direct impact on their customer, anticipating their needs and ensuring an even better in-store and online experience.
Find out how retailers are using technology and where they plan to spend their dollars in 2016…