There are many trends taking the retail industry by storm. Adoption of cloud-based solutions, inventory management and Customer Relationship Management (CRM) solutions immediately come to mind.
Although cloud-based solutions are undoubtedly on the rise (34%), most retailers (66%) still prefer on-premise solutions, according to research from Software Advice.
The Retail Software BuyerView 2014 survey also concluded that more retailers are seeking integrated suite software that supports multiple processes, rather than “best-of-breed” solutions that address a single purpose.
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Before we dive deeper into the findings, it’s important to note that the survey sample of 385 respondents skewed towards the smaller end of the retail spectrum. Most (78%) retailers were seeking solutions for only one store, while 56% had five or fewer employees.
But the results are still fascinating, nonetheless. And in a way, they speak to where the retail industry is heading in terms of priority investments.
Only 33% of merchants surveyed currently have POS software, while others only have a cash register (18%) or rely on manual methods (14%) to track their business. As a result, the technology market is expected to see an upswing, with many retail buyers seeking software to improve efficiencies (39%), offer more functionality (20%), and help them modernize their business (19%).
There are a variety of solutions and applications designed to help merchants create more compelling customer experiences and boost overall revenues. Buyers’ most requested applications include inventory management (93%) and CRM (36%).
All the key findings from the BuyerViewresearch point to the retail industry’s transition to more comprehensive solutions that help streamline operations and drive customer engagement. Again, while the research shared insights primarily from smaller merchants, retailers of all sizes can relate to the need for improved inventory management and the opportunity to better understand customers and their unique wants and needs.
Retail executives: Can you relate to any of the findings from the report? Share your thoughts in the comments section below!
