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 newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags retailIDCindustry verticalsIndustry Verticals | Retailomnichannel retail

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments