Nearly 58 per cent of retail professionals say the pandemic accelerated new technology-related product launches at their companies, according to a new report released by global market research company Euromonitor International and the US National Retail Federation (NRF). Brands have leveraged technology to connect with consumers, leading to 31 per cent of consumers utilising these to buy household items and furniture this year.
Not only did companies accelerate transformation online, but they also ramped up in-store technology investments. Almost 40 per cent of consumers pointed to scan-as-you-go, smart cart and walk-in, walk-out technologies as top desired features, according to the report, titled ‘Using Retail Tech Innovation to Enhance the Customer Experience’.Nearly 58 per cent of retail professionals say the pandemic accelerated new tech product launches at their firms, say market research firm Euromonitor International and the National Retail Federation. Brands have leveraged technology to connect with consumers, leading to 31 per cent of consumers utilising these to buy household items and furniture this year.#
“Technology will continue to be used to improve operational efficiencies and elevate the customer experience, positively impacting brand perception as a result,” comments Michelle Evans, senior head of digital consumer at Euromonitor International, said in a press release.
“The pandemic has drastically accelerated the implementation of new technology for many retailers,” said NRF vice president of research development and industry analysis Mark Mathews. “While these developments can typically take several years of meticulous planning, many were unveiled to consumers in a matter of weeks,” he added.
Innovations like livestreaming emerged as a new retail channel, and findings from Euromonitor’s ‘Voice of the Consumer: Digital Survey’ fielded in March 2021 suggest that globally, nearly 30 per cent of consumers purchased through this medium in May.
China recorded a high adoption usage at 63 per cent, whereas in the United States, while recording a relatively lower figure at 29 per cent, popularity will likely continue as the concept takes hold.
Tech-based immersive experiences will continue to pick up as consumers return to stores more frequently. Euromonitor’s digital survey results found that more than 42 per cent of consumers are comfortable with in-store assistance from robots, and one in five are open to the idea of microchip implantation to enable payments.
Fibre2Fashion News Desk (DS)
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