2011 Trends to Watch: Retail Technology
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Introduction
Double-digit retail sales growth is a thing of the past, consumer buying habits have evolved to incorporate many channels and methods of interaction, and UK demographics are changing, too. To ensure sales growth, customer retention will need to be a top priority. Failure to do so will mean preventing maximum revenue growth potential.
Features and benefits
The days of considerable retail growth are over; even online growth will become more elusive. Meanwhile, consumer demographics and buying habits have changed.Retail channel fragmentation is still problematic and adding to the complexity of effectively targeting customers.
Additionally, in order to make the most of the opportunity, the UK must begin preparing for the 2012 London Olympics sooner rather than later.
Your key questions answered
Introduction
Double-digit retail sales growth is a thing of the past, consumer buying habits have evolved to incorporate many channels and methods of interaction, and UK demographics are changing, too. To ensure sales growth, customer retention will need to be a top priority. Failure to do so will mean preventing maximum revenue growth potential.
Features and benefits
- Gain insight into the business trends that Ovum believes will characterize the UK retail sector in 2011.
- Understand the technology enablers that will help retailers achieve their operational objectives in 2011.
The days of considerable retail growth are over; even online growth will become more elusive. Meanwhile, consumer demographics and buying habits have changed.Retail channel fragmentation is still problematic and adding to the complexity of effectively targeting customers.
Additionally, in order to make the most of the opportunity, the UK must begin preparing for the 2012 London Olympics sooner rather than later.
Your key questions answered
- What will retailers need to do in order to remain competitive in 2011 and beyond?
- What major issues are on the agenda for UK retail CIOs in 2011?
SUMMARY
Catalyst
Ovum view
Key messages
BUSINESS TRENDS AND TECHNOLOGY ENABLERS
The UK retail landscape has changed for good; retailers must evolve too
RETAILING HAS CHANGED
The days of considerable growth are over
Retail sales are slowing – even online growth will become more elusive
Still, consumer confidence should improve towards the end of 2011
Consumption habits are different now
The demographics of the UK consumer are also changing
RETAIL CHANNEL FRAGMENTATION IS STILL PROBLEMATIC
Integration of sales channels, including social networks, is critical
Amidst a plethora of channel choices, new and immature channels are growing more popular
Social commerce will live up to the hype from 2011
Work is still needed to ensure a unified brand message across channels
TARGETING CUSTOMERS HAS BECOME EVEN MORE COMPLEX
A single view of the customer is critical to retailers' success
Retailers must understand their customers' preferred shopping channels
Multichannel retailing brings vast data-collection potential
Continued investment is required to achieve a single customer view
RETAIL AND THE 2012 LONDON OLYMPIC GAMES
Prepare for a marathon, not a sprint
Busy periods will put pressure on existing customer service frameworks
Retailers risk losing a sale if multiple currency and payment methods are not offered
Delivery options will need to cater to short-stay international tourists
RECOMMENDATIONS
Recommendations for enterprises
To retain customers, multichannel integration must continue to be a top priority
Multichannel retailing requires a multichannel mindset
Preparations for the Olympics will take time
Recommendations for vendors
Verticalize and localize go-to-market strategies
MDM sounds simple but can be complex
Alternative views
Is a double-dip recession brewing?
APPENDIX
Further reading
Methodology
Author
Ovum Consulting
Disclaimer
Catalyst
Ovum view
Key messages
BUSINESS TRENDS AND TECHNOLOGY ENABLERS
The UK retail landscape has changed for good; retailers must evolve too
RETAILING HAS CHANGED
The days of considerable growth are over
Retail sales are slowing – even online growth will become more elusive
Still, consumer confidence should improve towards the end of 2011
Consumption habits are different now
The demographics of the UK consumer are also changing
RETAIL CHANNEL FRAGMENTATION IS STILL PROBLEMATIC
Integration of sales channels, including social networks, is critical
Amidst a plethora of channel choices, new and immature channels are growing more popular
Social commerce will live up to the hype from 2011
Work is still needed to ensure a unified brand message across channels
TARGETING CUSTOMERS HAS BECOME EVEN MORE COMPLEX
A single view of the customer is critical to retailers' success
Retailers must understand their customers' preferred shopping channels
Multichannel retailing brings vast data-collection potential
Continued investment is required to achieve a single customer view
RETAIL AND THE 2012 LONDON OLYMPIC GAMES
Prepare for a marathon, not a sprint
Busy periods will put pressure on existing customer service frameworks
Retailers risk losing a sale if multiple currency and payment methods are not offered
Delivery options will need to cater to short-stay international tourists
RECOMMENDATIONS
Recommendations for enterprises
To retain customers, multichannel integration must continue to be a top priority
Multichannel retailing requires a multichannel mindset
Preparations for the Olympics will take time
Recommendations for vendors
Verticalize and localize go-to-market strategies
MDM sounds simple but can be complex
Alternative views
Is a double-dip recession brewing?
APPENDIX
Further reading
Methodology
Author
Ovum Consulting
Disclaimer
TABLES
Table: Business trends and technology enablers for UK retail in 2011
Table: Business trends and technology enablers for UK retail in 2011
