By: Retail In Asia
The growing reliance on technology became much more apparent during the COVID-19 pandemic. As retailers and consumer brands sought to stay connected with consumers who were seeking to reduce time in stores due to safety concerns, they turned to online channels and virtual engagements. Retailers also ramped up in-store tech investment to create touchless experiences.
The intensity of this crisis inspired a greater adoption of technology. Almost three-quarters of industry respondents said the crisis accelerated some, if not all, of their tech-related investment, according to the Voice of the Industry: Digital Survey. Almost half of those working for retailers or consumer brands said they were expanding the use of mobile apps, tailored marketing and personalised recommendations, enhanced website search and the development or improvement of their omnichannel presence.
This investment is likely to continue in the years to come as retailers and consumer brands seek to stay relevant in this fast-changing digital era. Leveraging Euromonitor International’s survey of industry professionals who work for retailers or consumer brand manufacturers, the following chart provides guidance in terms of where the industry is investing now (short term) or planning to do so in a year (midterm) or five years from now (long term).
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