In an effort to spur capital growth, many retailers are planning to spend some serious money to boost technology and expansion within their organization. According to Retail Customer Experience, despite the down economy, retailers see these investments as ways to move forward and adapt to the new retail climate.
From the article:
Most executives (85 percent) expect capital spending will increase or remain the same over the next year. When asked where they will increase spending most, executives most frequently cited geographic expansion (61 percent), information technology (IT) (40 percent), and advertising and marketing/branding (24 percent).
“Technology is paramount to driving growth and enhancing customer engagement for retailers,” said Mark Larson, KPMG global retail leader. “With consumer behavior, spending and demographic profiles changing rapidly, it is absolutely critical that companies take an omnichannel approach to engage consumers, utilizing all the platforms at their disposal, including brick and mortar, online and mobile.”
In fact, when asked which technology-related trends are having a significant impact on retail businesses, executives most frequently cited social media (71 percent), mobile and online shopping (52 percent), and mobile and online promotions and coupons (51 percent). Additionally, the 71 percent of executives who say their companies are using social media to reach more customers and explore new ways of doing business is up significantly from 58 percent in last year’s survey.