The new reports suggest that the amounts spent on technology by retailers would rise approximately up to three percent over the next three years, as the sector is eager to enhance and provide an engaging customer experience.
Retail Transformational studies, which focus on the areas of North America and EMEA have also given a prophecy that the retail markets would grow around three percent over the next five years, in order to generate over $5.5 trillion and $4.4 trillion in sales. Revenues that are generated via E-commerce are expected to eclipse $1.5 trillion by 2021while some store openings would outpace store closures around the same time.
In a research that was carried out by Peerless insights & IHL Group and commissioned by Zebra technologies was based on the detailed interviews with all the major retailers, including 400 online retailer surveys and additional study of about 1800 publicly and privately held retailers across nine retail segments. Concluding the surveys of North America where retailers expected a growth rate of more than five percent, 60% of the sales growth was seen as a key driver for major changes in store operations, while other 52% saw a shift to online purchase.
The concept of same day delivery acted as a key to operations and sales, also providing clients with an unexpected performance. However the consumer demand encouraged the retailers to improve the in-store return process and optimize their delivery strategies. Reports have indicated that the retail leaders are investing way more than an average retailer in Information Technology Transformation associating major training and tools. Such leaders are more directed towards inventory visibility and lowering supply chain costs.
An Understanding of the retail transformation permits the retailers to invest in the right technology. In order to meet the new demands and needs of their customers, and leading to excessive business expansion.