Retailers Turn To Technology To Address Challenges

Critical pain points such as safety and security, supply chain issues, inflationary pressures, and high energy costs are driving retailers to increase spend on technology, says a report from Coresight Research. Despite current microeconomic challenges, two-thirds (68 per cent) of U.S. retailers plan to increase their investment in technology. Retailers are turning to technology solutions to address issues that are directly affecting their net revenue such as safety and security, business insights, operational efficiency, associate empowerment, and customer engagement. Many retailers have begun to deploy or plan to deploy various technologies such as app integrations to buy-online-pick-up-in-store (BOPIS) solutions, contactless kiosks, infotainment terminals, augmented/virtual reality, and service robots. Eighty-five per cent of retailers say they are currently deploying or plan to implement at least one technological advancement in the near term. Safety and security was identified as the top pain point, with challenges including retail crime, eCommerce return fraud, shoplifting, and cybersecurity breaches. More than 50 per cent of retailers currently use RFID/smart tags for tracking, making it the most popular currently deployed technology.