Retail Tech and Innovation Investment to Grow 75%

Power Retail By Power Retail | 06 Sep 2017

When it comes to the customer experience and engagement, the next 12 months is a crucial time for retailers to invest in technology and innovation, according to a new report.

In today’s technology-driven world, retailers are striving to adapt and meet customer demand for digital solutions. To achieve digital transformation, 83% of Verint’s APAC Engage Index 2017 respondents indicated they are building a culture of innovation from the top down, starting with good business models and behaviours.

Other areas of improvement include data security and privacy policies (52%), as well as winning customer trust (48%).

The Index found that although investment in technology is important, 1 in 3 leaders still believe employee engagement is fundamental to a great customer experience. A further 2 in 3 leaders advocate that digital channels cannot replace a human touch in customer service.

Half of the index respondents believe that people still need to do business with people and prioritise direct communication with customers on the front line.

With the customer experience top of mind, more than a third of Index participants are spending 5 to 10% of budget on improving the customer experience year-on-year, with a balanced focus on people, technology and growth.

The aim of the Index study is to map the role of people, innovation and technology in the customer experience journey and pinpoint strategies for enhancing customer service offerings, to drive revenue growth and performance.

It’s an exciting time in retail, with the rise of automation and AI and we are well and truly into the digital age of retail – this doesn’t just mean implementation of new innovation and technology – it also mean that there should be a digital focus on training staff and employing the right people when amking digital transformation.

According to the Index, overall, industry sentiment suggests that retailers will not be able to deliver a great customer experience without engaged people (staff), and embracing technology is a big art of that. One way for online and multichannel retailers to future-proof business growth is by focusing on a customer engagement strategy that combines people and technology.

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