‘As a retailer, how much should I be spending on IT?’ Although retail decision-makers have been asking this question (with high frequency) for decades, the amplified role of technology in driving sales today has arguably made this question more important than ever before.
More than 12,000 retail stores are expected to close in 2018, up from around 9,000 in 2017, according to commercial real estate firm Cushman & Wakefield. While physical retail is absolutely undergoing a seismic transformation, it’s not necessarily the apocalypse that headlines have made it out to be.
In-aisle innovation is shifting how we perceive the future of retail, opening the possibilities of what can be done to shape customer experiences. The physical retail experience seems to have become an enjoyable, entertaining and informational experience for shoppers — and for the ones who get it right, a profitable endeavor for retailers.
Gone are the days when your IT team were the only ones in the office who knew how to use technology. And with this change in tech aptitude comes a change in approach to enterprise software. A space that has historically been quite slow to evolve, 2018 is set to bring about a few changes to the status quo.
While the economic environment is creating a tough operating landscape for South African retailers, technology is providing near-infinite opportunities for forward-thinking retailers to drive sales and bottom-line growth.
At redPanda Software we have a decade of experience in developing customised software for the retail and financial industries.