The renaissance of physical stores is a clear fact, as confirmed by the results of the “2024 Gartner CIO and Technology Survey” conducted by Gartner. My neighbors. The report highlights that 79% of IT managers consider investing in stores to be a priority during 2024.
This technology investment mainly focuses on the digitization of stores. Retailers are adopting technologies such as mobile devices, RFID, robotics, and augmented reality/virtual reality (AR/VR) to deliver more immersive experiences and improve the efficiency and effectiveness of their operations, such as inventory management and order fulfillment. 69% of respondents plan to allocate a significant portion of their budget to these technologies to drive implementation of unified commerce strategies.
Unified trade is the key to achieving the goals
Improving the efficiency and effectiveness of store operations is now a critical strategic goal to support retailers' profitability and ensure their long-term growth. This involves adopting technologies that offer a range of benefits, such as increased margins and improved costs.
To this end, unified commerce platforms will remain a top priority and will receive significant interest from retailers. Gartner confirmed this approach in its Hype Cycle for Retail Technologies 2023 study, one of the most widely used resources for retail IT managers to evaluate future investments in technology.
Inventory management and staff experience
Another type of technology that is well aligned with these goals, also analyzed in the same study, are inventory management solutions, which allow more accurate and real-time coordination of inventory levels in stores, which is a basic requirement for the successful implementation of any consolidated merchandising. strategy. Or incorporate the use of RFID, which is no longer seen as a high-cost option as it was a few years ago, but has become a key ally when it comes to improving inventory control.
69% of respondents also indicated that they expect investments in store technology to increase in absolute terms of budget
If we talk about a better shopping experience, all studies set a clear goal: to provide employees with better tools. Thus, we are no longer just talking about improving the purchasing experience for customers, but also for employees.
Future store
Walmart clearly embodies the growing trend toward increased investment in physical stores. In the past two years, the retailer has allocated more than $9 billion to renovate more than 1,400 of its stores, a strategy it plans to continue developing. A prime example of this is the recent transformation of the Quakertown Supercenter in Pennsylvania, which was unveiled on January 12. Known as the “Store of the Future,” this renovation incorporates interactive technology that fuses the online and in-person shopping experience.
For retail IT managers, the challenge today is more complex than ever. They are now increasingly evaluated based on the value technology brings to the business and how it contributes to achieving growth and profitability goals. Therefore, technologies such as unified commerce solutions, such as those offered by the Spanish manufacturer Orisha|, have been adopted Openbravo becomes an essential ally that all IT managers must know and analyze carefully.
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