Half of retailers admit that their digital investments are influenced by their competitors.
Nearly four in five retailers in Asia have turned to tie-ups with tech companies, according to a survey conducted by Tofugear. Three in five have done so to gain access to new technologies, whilst 44% wanted to respond more quickly to market challenges.
However, Tofugear noted that retailers have admitted to struggle in finding the right partner. They also expressed concerns about sharing sensitive data with third parties.
Over a third or 36% of retailers felt that they set the standard for digital transformation, whilst about half or 51% admit that their investment in digital initiatives is influenced by what their
competitors are doing.
The biggest investment priority amongst the retailers over the coming year was ecommerce platforms, which was cited by over half or 53% of the respondent. It is followed by point of sale (POS) solutions at 51% with retailers looking to incorporate features like AI-driven personalised recommendations.
Under customer-facing innovations, half of respondents expressed interest in investing on scan-and-go solutions, followed by same day deliveries (38%) and in-store shoppable screens (33%).
The survey was conducted in partnership with Global Payments, Microsoft and TrendWatching.
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