Menu
Retail must reinvent Itself for the omnichannel future

Retail must reinvent Itself for the omnichannel future

"Omnichannel leaders reach for customer relationship, relevancy, and reciprocity"

If ever there was an industry ready for a massive technology shake-up, it's retail. Consider the confluence of pressures it faces: customer showrooming, evolving payment ecosystems, a meteoric rise in online shopping and the constant danger of being the target of the next high-profile security breach.

No wonder IDC analyst Robert Parker recently predicted that retail must "reinvent itself" by 2017 "as omnichannel leaders reach for customer relationship, relevancy, and reciprocity." I rarely dive into vertical industries in this column (in consideration of the breadth of our readership), but these trends affecting retail today are bound to manifest themselves in almost every other industry, especially those directly serving consumers.

In light of these likely developments, I offer up a selection of our sister company IDC's retail predictions for 2014, along with my advice and observations in parentheses.

  • Fast followers are chasing the top 50 global retailers as they transform in-store, mobile and e-commerce channels, as well as supply chains, merchandising and marketing for omnichannel customers. (Put anytime-anywhere customers at the core of your business, too.)
  • Business transformation will drive retail enterprise software investments to 9 per cent compound annual growth rates through 2015. (Connect your systems from the back office to customer front lines.)
  • By 2017, marketing and advertising tech investment will increase by 50 per cent. (CIOs, make sure you're tight with your CMO partners.)
  • Retailers will rethink Big Data and analytics projects this year as up to 30 per cent of those projects last year fell short of their goals. (Be sure you're asking the right questions before investing in big data projects.)
  • Emerging consumer privacy concerns will force 50 per cent of early adopters to reconsider the wisdom of offering hyper-personalised promotions by 2015. (Don't underestimate the chilling effect of high-profile data breaches and abuses.)
  • Retailers will double down on the rate of supply chain investments this year. (Managing the supply chain and improving customer engagement will be key business battlegrounds in the years to come.)

These are certainly exciting (even nerve-wracking) times for retail. How many of these predictions seem likely to come true for your industry? Write to me at the address below and share your thoughts.

Follow everything from CIO.com on Twitter @CIOonline, Facebook, Google + and LinkedIn.

Read more about retail in CIO's Retail Drilldown.

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags Industry Verticals | Retailomnichannel retailretailIDCindustry verticals

Slideshows

Top 50 defining moments of the New Zealand channel in 2016

Top 50 defining moments of the New Zealand channel in 2016

Reseller News looks back on a tumultuous 12 months for the New Zealand channel, assessing the fallout from a year of sizeable industry change. Whether it be local or global mergers and acquisitions, distribution deals or job changes, the channel that started the year differs somewhat to the one set to finish it - Reseller News assesses the key moments that made 2016.​

Top 50 defining moments of the New Zealand channel in 2016
​Hewlett Packard Enterprise honours high achieving NZ channel

​Hewlett Packard Enterprise honours high achieving NZ channel

Hewlett Packard Enterprise honoured its top performing Kiwi partners at the second running of its HPE Partner Awards in New Zealand, held at a glitzy ceremony in Auckland. Recognising excellence across eight categories - from distributors to resellers - the tech giant celebrated its first year as a standalone company, following its official split from HP in 2015.

​Hewlett Packard Enterprise honours high achieving NZ channel
Nutanix treats channel partners to Christmas cruise

Nutanix treats channel partners to Christmas cruise

Nutanix recently took to the seas for a Christmas Cruise around Sydney Harbour with its Australia and New Zealand staff, customers and partners to celebrate a stellar year for the vendor. With the sun out, they were all smiles and mingled over drinks and food.

Nutanix treats channel partners to Christmas cruise
Show Comments