Investments in retail management software grow
The retail sector has become more digitally driven in recent years, adopting a breadth of new technologies that have helped bolster intelligence related to trends, management optimization and more. Software, as well as advanced payment processing tools, have been two of the highest priorities among decision-makers of late, and for good reason, as these investments have been found to strengthen operational and financial performances.
However, some analysts and researchers have feared that demand would begin to either level off or decline given how quickly retailers in several nations invested in the solutions, as is the case with virtually every high-impact technology that become commoditized. Luckily, retail management software markets are proving resilient, with demand growing in a breadth of nations and the future looking bright for more digitized operations in the sector.
Big news in the UK
CSO Magazine recently reported that a study conducted by Martec and commissioned by a software provider found that nearly three-quarters of retailers in the United Kingdom are actively pursuing new technological deployments. According to the news provider, investment in retail management software and relevant technologies went down between 2008 and 2013 in the U.K., but this latest report indicates that the pedal is back to the metal.
For one, the source pointed out that ecommerce systems were targeted by 26 percent of retailers in their current provisioning strategies, while the majority have at least one significant software-related initiative in the process of being deployed. Not surprisingly, upgrades to in-store and digital systems combined for another 26 percent of investments in this regard, driven by the need to remain relevant in an increasingly Internet-driven market.
Finally, CSO Magazine pointed out that retailers are looking for more reliable systems, as many have been frustrated by bugs and other issues in certain products and services.
Will this trend continue?
Research has continued to indicate that, even when demand begins to slow down, the market for retail technology, including intelligence and management software is going to move on an upward track for the foreseeable future. Retail decision-makers who have not yet considered investing in or deploying advanced technologies to streamline payment processing, customer relationship management and other matters should do so soon to remain competitive in the digital markets of today and tomorrow.
With a more proactive approach to upgrades and overhauls, these businesses can often gain a competitive advantage over others in their fields.
