Analytics tools and applications are a top spending priority for retailers this year, according to a new report.
Many planning tools currently in use are outdated and unable to support the kind of data analysis needed to make solid planning decisions. Improving analytics is the top planning priority for 58 percent of retailers, according to the "Top 10 Merchandise Planning Priorities for 2016" report from Boston Retail Partners.
"Many retailers have relied on outdated legacy planning systems and practices that can't support the complex planning requirements of today's omnichannel environment," said Gene Bornac, VP, Boston Retail Partners. "The good news is that retailers realize this issue and 63 percent plan to upgrade or replace their merchandise planning systems within two years."
Merchandise planning was the No. 1 cited area slated for updates, named by 63 percent of respondents. Assortment planning (50 percent), omnichannel planning (47 percent) and store planning (46 percent) were also priorities.
-Download the report here
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