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Transforming retail business: Tools to measure success
The post-pandemic retail economy is largely driven by technology. Brands and retailers that pivoted to digital commerce by leveraging technology and analytics thrived when many others had to shutter their businesses amidst the challenges posed by COVID-19. In fact, the global retail technology market is forecasted to reach $388.51 billion by 2026!
As we inch towards 2023, consumer and market data show that, once again, technology will be vital to preparing retail businesses for the future and for catering to the savvy consumers of today. To analyze where retail technology is headed and what data-driven technologies are prioritized by retailers, we conducted a survey and collected data from employees of over 150 retail companies.In this report, we uncover 11 critical retail technology challenges and investment insights for 2023 coming straight from retailers and brands themselves.
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