Innovative Retail Technologies

NOV-DEC 2016

Innovative Retail Technologies (formerly Integrated Solutions For Retailers) is the premier source for innovative yet pragmatic technology solutions in the retail industry.

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S mall to midsize retailers (SMRs) have an advantage — size — and agility and nimbleness to consistently meet consumer needs. Or do they? This report describes some of the common capabilities that retailers possess in order to create and capitalize on agility to outperform the competitive field. This year we ask several IDC Retail Insights experts what they recommend small to midsize retailers do in several key functional competency areas, including: • How to digitally transform your technology to future-proof your business • How to align and prioritize retail commerce best practices and innovation • How to rejuvenate infrastructure and data and analytics foundations • How to develop a road map for connected supply chain operations and transformation Future-Proofing Retail Business: The Vision For Digital Transformation Among SMRs Retail as we knew it is changing, and it is changing at an exponential rate. Evidence of the convergence of small and large and digital and physical retail abounds, as mature retailers close stores, and digital disrupters open stores. While only slightly more than 10% of retail sales in the U.S. is conducted online, 25% of retail growth can be attributed to digital, and a consumer wallet share is being shared with disruptive companies, most still relatively small (with the exception of the obvious entrenched leaders including Amazon and Alibaba), but growing quickly. Hypercompetitiveness has settled into most of the subsectors of the retail industry. With retailers competing for customer footfall and/or eyeball, retailers have to be continually raising their game. Customers have more choices than ever before with their expectations rising almost as fast as the barriers to switching have fallen. With more digital technology in their hands than ever before, customers expect to be able to shop wherever they want, whenever they want, however they want. With power having shifted, in most cases, to the consumer, retailers by Leslie Hand VP, IDC Retail Insights SMR Supplement 16 by Greg Girard Director, IDC Retail Insights by Victoria Brown Senior Analyst, IDC Retail Insights by Bob Eastman Research Manager, IDC Retail Insights SMR Strategies For Digital Transformation — Leveraging Agility To Win

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