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Keeping up with technology is the biggest worry for retail, states research

Keeping up with the speed of technology change is one of the biggest concerns facing UK retailers, according to research from RBTE.

Technologies including Internet of Things, artificial intelligence, virtual reality, augmented reality and voice technology are considered a big challenge by 35% of retailers. Meanwhile 25% of retailers cite delivering great customer experience as their biggest concern.

The RBTE show, which is held in London’s Olympia in May, surveyed 7,500 retail professionals about their biggest challenge. While technology innovation and customer experience were the biggest concerns, retailers are also worried about competition in the market (10%), retaining customer loyalty (6%) and personalisation (6%). Concerns around supply chain, mobile and fulfilment were less of a worry with only 11% of retailers citing these factors.

“Innovation is king in the retail industry - and business leaders must now, more than ever, define and prioritise driving digital transformation into their own strategies, whether through omnichannel customer service, payment options, product access and clever shipping opportunities,” said RBTE show director, Matt Bradley.

“The evolution of technology within retail is shaping how consumers behave and interact with brands. Technology has become central to retail and continues to shape the future of the sector – and it’s our role to showcase the most innovative, new and exciting retail technology products, services and solutions crucial to the success of modern multichannel retailing."

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