Skip to main content

A 21st Century Retailer's Technology Needs

According to new research by the Aberdeen Group, the online Business to Consumer (B2C) marketplace is increasingly impatient, which is a reflection on the pressures merchants feel from their customers.

Online retailers expect their technology solutions to flex, bend and meet their complex needs and become profitable in short order. Rather than expecting to realize a return on investment over the course of time, retailers want instant gratification and Return on Investment (ROI) in typically less than six months.

Twenty-one percent of retailers expect to see revenue results from their online tools (e.g., site search, interactive product imaging and Web 2.0 technologies) within weeks. Only 22 percent are willing to wait more than six months to realize a return on their online tools.

In a related research study, Aberdeen says that it would be difficult to dispute the fact that retail has changed dramatically over the past several years -- as a result of new and emerging technologies.

An overwhelming 84 percent of retailers surveyed conduct sales in more than one channel (e.g., direct sales, stores & Internet, Internet & call center, or a combination). Willingly or not, a new breed of customer is forcing retailers, traditionally resistant to change and slow to adopt, to step into the 21st century.

Customer expectations of seamless purchase and delivery options across channels are a driving factor for 67 percent of retailers. In response, 69 percent of retailers are working to create a single brand identity across all channels thereby minimizing the distinction between shopping preferences.

Sixty-six percent of retailers are taking this even further by prioritizing customer's ability to purchase, take delivery, or return a product through the channel of their choice.

Popular posts from this blog

Industrial and Manufacturing Technology Growth

In an evolving era of rapid advancement, market demand for innovative technology in the industrial and manufacturing sectors is skyrocketing. Leaders are recognizing the immense potential of digital transformation and are driving initiatives to integrate technologies into their business operations.  These initiatives aim to enhance efficiency, reduce costs, and ultimately drive growth and competitiveness in an increasingly digital business upward trajectory. The industrial and manufacturing sectors have been the backbone of the Global Networked Economy, contributing $16 trillion in value in 2021. Industrial and Manufacturing Tech Market Development   This growth represents a 20 percent increase from 2020, highlighting the resilience and adaptability of these sectors in the face of unprecedented challenges, according to the latest worldwide market study by ABI Research . The five largest manufacturing verticals -- automotive, computer and electronic, primary metal, food, and machinery -

Rise of AI-Enabled Smart Traffic Management

The demand for smart traffic management systems has grown due to rising urban populations and increasing vehicle ownership. With more people and cars concentrated in cities, problems like traffic congestion, air pollution, and greenhouse gas emissions are pressing issues. Since the early 2000s, government leaders have been exploring ways to leverage advances in IoT connectivity, sensors, artificial intelligence (AI), and data analytics to address these transportation challenges. The concept of a Smart City emerged in the 2010s, with smart mobility and intelligent traffic management as key components.  Smart Traffic Management Market Development Concerns about continued climate change, as well as cost savings from improved traffic flow, have further motivated local government investment in these advanced systems. According to the latest worldwide market study by Juniper Research, they found that by 2028, smart traffic management investment will be up by 75 percent from a 2023 figure of

GenAI Revolution: The Future of B2B Sales Apps

When B2B buyers consider a purchase they spend just 17 percent of that time meeting with vendors. When they are comparing multiple suppliers‚ time spent with any one salesperson is 5 or 6 percent. Self-directed B2B buyer online research has already changed procurement. IT vendors are less likely to be involved in solution assessment. Now, more disruptive changes are on the horizon. By 2028, 60 percent of B2B seller work will be executed through conversational user interfaces via Generative Artificial Intelligence sales technologies -- that's up from less than 5 percent in 2023, according to Gartner. Generative AI Market Development "Sales operations leaders and their technology teams must prepare for the convergence of new forms of artificial intelligence, dynamic process automation, and reinvented deal-planning activities that will transform the sales function," said Adnan Zijadic, director analyst at Gartner . According to the Gartner assessment, Generative AI (GenAI) s