BizTech – To close the technology innovation gap, retailers need to invest in systems that will help deliver a unified commerce platform for customers, analysts say.
Amazon’s retail business is eating retailers’ lunch — and dinner too. To compete with the online retail behemoth, retailers must invest in technology at higher rates and transform their IT environments, retail analysts say.
The goal that many retailers are now trying to achieve is known as “unified commerce,” which, in the words of retail research firm Boston Retail Partners, involves a “single, centralized, real-time platform for all customer engagement points.” Unified commerce “combines point-of-sale, mobile, web, call center and clienteling into one single integrated platform.”
At a breakfast panel on challenges facing retail CIOs at NRF Retail’s BIG Show 2017 in New York City, Greg Buzek, president of IHL Group, a research firm for the retail and hospitality industries, noted that while overall retail sales were up in the holiday shopping season by around 3.6 to 4.9 percent over 2015, Amazon’s retail business garnered 38 percent of all online sales during the season and shipped more than 2 billion items.
Read Full Article: NRF’s BIG Show 2017: Retailers Must Invest in Tech to Effectively Compete