-More Than One-Third Surveyed are Considering a Single Consumer
Platform to Manage Transactions Across Channels-
“The future of retail will envelope business platforms that enhance the endless opportunities that new technologies offer, such as systems that allow retailers to provide seamless, relevant and personalized interactions for all of their customers,” said NRF Vice President of Retail Technologies
Specifically, a single platform would consolidate and manage key data elements and functionalities that historically have lived in multiple disparate systems to provide customers with consistent, on-brand shopping experiences no matter how or where they choose to interact with a retailer. Differences between the current process of multiple systems and a single platform include:
|Multiple Systems||Single Platform|
|Customer information managed in applications by||Single view of customer information would enable|
|channel||retailers to more effectively communicate with their|
|customers based on their preferences|
Product images, attributes and data created,
|Commerce and content combined to streamline|
|managed in silos, often not available to store||workflow and allow users to synchronize product|
|associates||data across digital channels with speed and|
|Inventory dedicated to specific channels with||Accurate inventory visibility in real time across|
|limited capabilities to fulfill orders from other||multiple locations would enable key omnichannel|
|channels||capabilities such as “buy online, pick up in store”|
|Limited visibility from one channel to another during||Order status, history and details exposed to|
|the order lifecycle||associates and customers from anywhere|
|Prices and promotions are specific to channel||New prices and promotions are quickly configured|
|for redemption based on channel, device or|
Customer expectations are driving retailers to carefully examine their technology spend and investments. Over the next three years, eight in 10 (80%) retailers surveyed expect to maintain or increase store technology investments, and seven in 10 (70%) say their organization is currently deploying or planning to refresh its existing software. Additionally, while traditional point-of-sale software has been a mainstay for physical stores for decades, many retailers recognize e-commerce software as an emerging and logical approach to evolve and establish the sought-after single platform. According to the survey, nearly four in 10 (38%) surveyed plan to leverage an e-commerce software platform for their next generation store software - that is two times the number that plan to use traditional point-of-sale software.
“It’s no surprise that retailers are increasingly looking to leverage e-commerce technology as the single platform for all commerce,” said Demandware Vice President of Industry Strategy and Insights
As retailers evaluate options for a single transaction platform in the constantly changing retail landscape, technology vendors must heed the top four priorities defined by retailers that information technology must enable: 1.) improving efficiency, 2.) attracting and retaining new customers, 3.) reducing costs, and 4.) increasing enterprise growth.
Key Technology Imperatives
The report analyzes next steps for retailers as they begin to take advantage of the technologies that will give them the ability to understand and meet consumer demand.
About the survey
Demandware, a leader in digital commerce, enables the world’s premier retailers to move faster and grow faster in the changing face of retail. Demandware’s enterprise cloud platform minimizes the costs and complexities of running global, omnichannel commerce operations, and empowers retailers to respond with speed and agility to new market opportunities and continually evolving consumer expectations.
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores,
Through a strong partnership with business and industry, the University of Arizona’s Retailing and Consumer Sciences program and
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