Many retailers still struggle to create relevant, inspired in-store shopping experiences, and with consumer expectations rising rapidly, the window to innovate and compete is closing fast.
A majority of retailers are facing a major challenge: their current technology isn’t meeting the needs of in-store shoppers.
Despite 85% of retailers recognising that physical stores remain their primary growth channel, 65% admit their existing tech stack falls short of delivering the seamless, engaging CXs today’s shoppers expect, according to a recent Retail Systems Research (RSR) study.
Customers are demanding new, innovative store experiences, but 62% of retailers said they can’t yet provide them. Point of sale (POS) systems are a particular pain point — less than half (47%) feel their POS supports a unique or innovative shopping journey, and a third believe their systems are actively holding them back.
A third (34%) of retailers stated that consumer adoption of new tech is simply moving so fast that they can’t keep up. Others (31%) stated that new tech is prohibitively expensive, while more than half (54%) stated that technology changing too often is a top inhibitor to taking advantage of opportunities to improve the store.
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“Many retailers have yet to crack the code on creating relevant and inspired in-store shopping experiences and time is running out,” said Joe Corbin, President and CEO of Jumpmind. “As inflation continues to impact consumer spending, it’s absolutely critical for retailers for creating compelling and seamless in-store experiences that deliver value and differentiation and empower both associates and shoppers.”
Other Key Findings
- 44% stated the rise of online competitors is eroding the value of stores, while 38% stated direct-to-consumer retail is undermining the store’s significance, and 28% consider ecommerce same-day shipping a threat.
- More than one-third (36%) stated that consumers are more “hyper-informed and demanding” than ever is a top threat to their business, with 35% admitting they can’t provide the level of service consumers expect.
- 63% of retailers rank mobile devices for associates that free up store managers’ time and offer operational visibility as “high value.”
- 70% of retailers have planned investments in assisted selling and endless aisle capabilities within the next 12 to 18 months.
“While the past two decades have brought enormous technological potential to retail, the store of the future remains an elusive vision for many,” said Steve Rowen, Managing Partner at RSR.
“Fortunately, low-cost, fully-featured, consumer-grade technology is now available for far less capital investment than older store systems. Retailers remain ‘all in’ on stores and have significant funds set aside to invest in technology, so we expect 2025 to be an exciting year.”
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