This week in London, leading retailers are gathering for the World Retail Congress. At the center of the conversation is how the empowered consumer, or the “I-Con,” is driving retail innovation.
According to a press release from Mastercard, a new report shows that 33 percent of retailers cite customer empowerment as the leading driver of change in the industry, while 37 percent cite increased competition as retailers work harder to secure sales with the savvy customers of today.
Other findings from the report reveal the principal factors shaping the industry today:
- Retailers are ramping up investment in new technology solutions to keep pace with customer demand: In the next year, 44 percent of retailers will offer contactless payment technologies in-store, voting this the single most important area for short-term investment.
- But the industry feels hostage to the next game-changing technology: 34 percent believe that some yet unknown technology will be a main driver in changing customer expectations by 2020, hindering confidence in how to invest.
- The high street remains, the future is omnichannel: 41 percent of retailers envisage they will provide mobile points-of-sale in-store by 2020, while 33 percent will provide self-service kiosks and 35 percent will use location-based technologies to attract new sales.