Trends Report

Through The Pandemic And Beyond, Retailers Must Invest In Speed And Lean On Vendors For Support

July 24th, 2020

Summary

Despite initial increases in tech spending due to the pandemic, 35% of retailers and brands now expect to reduce spending — compared to just 8% pre-pandemic. Retailers and brands must funnel funds to the projects that will bring quick, impactful results. As they streamline operational changes that they adopted early in the pandemic, businesses must continually monitor the customer experience and ensure that staff are plentiful, equipped, and trained to deliver these new expectations. The pandemic taught retailers that they can implement major technological and operational changes in mere weeks. Retailers must move faster with evolving tech and trends and focus on smart, easy-to-implement solutions to continually adapt. As retailers move into previously foreign practices (like selling online or fulfilling from store for the first time), they should tap their vendor partners for guidance. Initiate rapid innovation as “fast, not perfect” — but don’t let poor performance over time plague customers’ experience. Digital business leaders should determine how to adjust tech budgets depending on what mode they’re in; see our tech spending webinar and schedule an inquiry for help.

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