By Retail Dive
A return to brick-and-mortar locations is pushing retailers to be innovative as they juggle customer experience with labor efficiency.
With the wave of COVID-19 pandemic restrictions and store closures at its end, 2022 has largely meant a return to brick-and-mortar retail.
Given the pullback in e-commerce spend and retailers losing sales amid inflationary pressures, overall technology budgets might not be at the height they once were. This leaves in-store innovation in a predicament.
Global retail technology investment dropped 43% to $13.2 billion in Q2 2022 compared to about $23 billion in Q1 2022, according to a report from CB Insights in July. Additionally, retail tech deals were down 21% quarter over quarter, and only seven companies went public compared to 11 in the previous quarter.
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