Innovate

It's time to invest
Many retailers are ‘under-investing’ in digital technologies in-store. Several companies have said that they struggle with the question of where to invest their money given the wide scope of potential solutions. 85% of retailers admit that they are finding it difficult to decide which technologies to invest in, the result is that companies are not fostering an innovation culture - something that is essential to satisfy the needs of the 'connected consumer'. 75% of shoppers (of all ages) want to use new retail technologies in high street stores therefore it is of great importance that companies are aware of the retail renaissance that has already begun and position themselves accordingly.

“One of the key aspects of the impact of new technologies over the next two years is that retailers will need to change in the way in which they think. Today, most retailers think in terms of channels which, at the moment, loosely comprised of stores, online and mobile. In our view, thinking in terms of channels will become less relevant as new technologies both blur lines between them and add new ways of buying into the mix.”

Neil Saunders, Founder of Columino.

Some of the traditional barriers to investment are small technology budgets, ROI and ease of integration with existing systems. However the new wave of 'connected retailers' is observing the current trends in innovation and is thinking about how to become a part of the new digital landscape. Pilot programmes, for example, can help retailers to measure the impact that technological innovation is having on the in-store experience.

Customer experience must be omnipresent at the centre of any retail strategy. Some retailers have started to adopt technology such as digital signage and interactive displays in order to inform, engage and even entertain their clientel. Digital signage alone has the potential to increase the average purchase amount by 29.5%, adds an upswing in overall sales volume of 31.8% and raises in-store traffic by 32.8% (Source: InfoTrends). However, retailers are still reluctant to invest due to cost implications and ROI concerns.

Deploying customer-facing digital technologies such as digital signage and other products in our portfolio, allows retailers to analyse resultant impact on sales and customer satisfaction. Retailers and e-tailers increasingly need to think of ways in which to incorporate these and other emergent retail technologies into their businesses to deliver the connected and immersive experiences that their coustomers increasingly expect.