CIOs and the Retail Store of the Future

 
 
By Karen A. Frenkel  |  Posted 02-28-2014 Email Print this article Print
 
 
 
 
 
 
 
 

Retail CIOs must step out of the back office and embrace social media, mobility and big data to drive innovation and create a complete in-store experience for customers, according to "The Global Agenda of Retail CIOs" study commissioned by Tata Consultancy Services. Forester Consulting conducted in-depth surveys and interviews with 192 senior business and IT executives at global retailers for the report to identify their priorities and investments for 2014 and beyond. "Retail CIOs are uniquely positioned with an enterprisewide perspective to overcome operational silos and become true change-agents, critical to future cross-channel customer engagements and business growth," says Pratik Pal, President of Retail, CPG, Travel, Transportation and Hospitality for Tata. "They are primed to expand their leadership role in the dynamic new world of retail by spearheading the digital and innovation agenda." But they also struggle to find talent and resources to make such changes, the study found. Almost 65 percent say cost reduction is a major focus whereas only 38 percent cite innovation. Meanwhile, 87 percent say revenue growth is their top priority. For more information about the Tata study, click here.

 
 
 
  • Mobile Will Continue to Disrupt Retail

    CIOs plan to rapidly implement the following mobile technologies: Context-aware technology (32%), Mobile payments (28%), Digital signage (24%), Mobile point of sale (22%)
    Mobile Will Continue to Disrupt Retail
  • The United Kingdom Leads, Germany Flags

    73% of CIOs in the U.K. have already implemented some form of mobile payments, while 60% of German retailers have no mobile plans.
    The United Kingdom Leads, Germany Flags
  • Bringing Along Partners

    59% of retailers plan to invest in mobile technologies to empower their partners and vendors over the next three to five years, with the hopes of improving customer service and logistics.
    Bringing Along Partners
  • Cloud Allows IT Teams to Innovate

    41% of retail CIOs use software-as-a-service for the back office, supply chain and product lifestyle management, enterprise resource planning, and more. 52% intend to do so during the next five years.
    Cloud Allows IT Teams to Innovate
  • Big Data Not Yet Driving Decisions

    68% of retail CIOs collect data but are not taking advantage of its full value for informed decision-making.
    Big Data Not Yet Driving Decisions
  • Supporting Cross-Channel Analytics

    More than 47% of respondents have invested in cross-channel analytics, which offer multichannel insights and enhance the ability to reach consumers through channels.
    Supporting Cross-Channel Analytics
  • Investments in Big Data

    Only 25% of retailers plan to invest in big data analytics to support customer service.
    Investments in Big Data
  • Retailing's Social Media Usage

    80% of retail CIOs use social media for sales and marketing, especially for customer service and recruitment.
    Retailing's Social Media Usage
  • Social Media Insights Informing R&D, Product Design

    47% of retailers say they will link social insights to R&D and product design during the sleep the next three to five years, "unlocking customer-centric product designs," according to the report.
    Social Media Insights Informing R&D, Product Design
  • Talent Shortage Delays Strategies

    67% of retailers say attracting and retaining talent is critically important over the next three to five years. And 34% report struggling to obtain talent in mobile technologies.
    Talent Shortage Delays Strategies
 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

Submit a Comment

Loading Comments...
 
 
 
 
 
 
 
Thanks for your registration, follow us on our social networks to keep up-to-date