Tech Spotlight: Retail tech spending in 2016 to further omnichannel goals

TechSpotlight.jpg

The march toward omnichannel operations continues apace as retailers make calculated, if plodding, progress toward upgrading and implementing new store and IT technology to create a more seamless shopping experience.

Cloud-based systems and in-store investments top retailer wish lists for 2016, as the merchants continue to allocate spending in pursuit of omnichannel capabilities, according to the 2016 Retail Tech Spending Report by Innovative Retail Technologies.  

The survey queries retailers annually about their IT spending priorities and goals for the coming year. For 2016, it's clear that silos inside organizations are beginning to break down as tech priorities and subsequent spending work toward an omnichannel goal.

Inventory visibility across all channels is the top supply chain goal for 2016 for nearly 62 percent of retailers. Inventory management and order management/fulfillment issues are hot priorities as well, and notably need inventory visibility to function.  

Transitioning applications to the cloud is another priority, as those who have already begun the process said it was the best systems or operations decision the company made in the past year.

Payment security now leads as a top spending priority for loss prevention departments, pulling ahead of video surveillance for the first time in the survey's history.

The push to implement digital solutions in stores will continue at a fast pace. Mobile POS and enterprise-wide rollouts of mobile devices to stores were high priorities at the store-level, as retailers work toward providing stores and associates with the same tools that customers are using. Digital signage is also on the list to enable omnichannel initiatives in regards to dynamic pricing.

For more:
-See the Innovative Retail Technologies report

Related stories:
Whole Foods looks to the cloud for IT transformation
Target switches to PIN card for better security
How technology is changing everything
Kroger tests out 'smart shelf' technology
Cyber security affects consumer holiday spending

Suggested Articles

Costco changes up its menu items, and Alibaba and Guess partner for a physical store.

Janey Whiteside, Walmart's new chief customer officer, is well acquainted with the importance of customer service in modern retail.

Whole Foods will offer deals on Amazon's Prime Day, and tariffs against China are causing pricing hikes.