Australian retailers are on track with technology adoption and uptake in their businesses but, according to a new report, there are still some real opportunities for retailers to grow their business through the use of technology.
According to the survey commissioned by Pronto Software, real-time data is crucial in today’s retail market, yet a “staggering” 49% of retailers admitted to not having an integrated POS system, limiting them from processing sales offline when disconnected from the network.
Pronto says that with two-thirds (66%) of respondents not having IT systems that track and provide insights on loss prevention, the report had identified how retailers are investing in end-to-end frictionless operations to address the emerging challenges in the sector.
Australian Retailers Association’s executive director Russell Zimmerman believes the retail sector is set to get more competitive, particularly with the upcoming arrival of Amazon.
{loadposition peter}“With the cost of retail rent escalating, it will be interesting to see what retail technology will look like in five years’ time. For example, I think we’ll see smaller physical shopfronts and far more technology innovation,” Zimmerman says.
“As rapid delivery times have become expected, I believe the future of retail will allow customers to walk into a store and arrange a parcel to be delivered that night if an item is out of stock.”
Chad Gates, Pronto Software, managing director, says that although retail has been a competitive landscape for many years, he believes it is one of the best industries to have been able to cope with change.
“Given retail technology uptake is predominantly consumer-facing it’s critical retailers get their digital experience for customers right, and fast.
“Retailers need to bring together an experience across multiple channels, so that it all starts to make sense. If your operations are disjointed and not integrated, you will get left behind pretty quickly.”