Using Retail Tech Innovation to Enhance the Customer Experience

Consumer Retail Tech June 2021
Download
Members only

The impact of COVID-19 accelerated digital transformation across the retail industry. Beyond ramping up capabilities to better serve consumers online, retailers also made in-store tech investments to create touchless retail experiences. Almost three-quarters of retail professionals said the crisis accelerated some, if not all, of their tech-related investments, according to Voice of the Industry: Digital Survey.

In collaboration with the National Retail Federation, Euromonitor International created this report to explore how digital shoppers’ relationship toward technology has shifted in light of the COVID-19 pandemic, offering retailers and brands insight as to where they should make technological investments today and in the future. This report is organized into five aspects of the retail shopping experience with the order mimicking the typical transaction flow: online discovery; online purchase; in-store shopping; payments; and delivery and collection.

Key findings include:

  • 72% of retail professionals say COVID-19 accelerated their company’s digital transformation by at least a year
  • 73% say the pandemic accelerated their technology-related investments
  • 58% say COVID-19 accelerated their company’s new technology-related product launches

This study is available for NRF members. Non-members can download the report on Euromonitor’s site. Learn more about Euromonitor’s retailing insights here.

Related content

AI’s role in retail
 
NXT artificial intelligence
NRF NXT: How AWS, Neiman Marcus, Wayfair and The Yes are using artificial intelligence.
Read more
Wayfair and Sally Beauty meet their customers where they are
 
Wayfair and Sally Beauty at Converge
NRF Retail Converge: Innovators from Wayfair and Sally Beauty on being one step ahead in AR and 3D.
Read more
How Walmart uses technology to stay ahead of the curve
 
Walmart session NRF Converge
NRF Retail Converge: Global CTO Suresh Kumar discusses the tech that saw the retailer through the pandemic.
Read more