The impact of COVID-19 accelerated digital transformation across the retail industry. Beyond ramping up capabilities to better serve consumers online, retailers also made in-store tech investments to create touchless retail experiences. Almost three-quarters of retail professionals said the crisis accelerated some, if not all, of their tech-related investments, according to Voice of the Industry: Digital Survey.
In collaboration with the National Retail Federation, Euromonitor International created this report to explore how digital shoppers’ relationship toward technology has shifted in light of the COVID-19 pandemic, offering retailers and brands insight as to where they should make technological investments today and in the future. This report is organized into five aspects of the retail shopping experience with the order mimicking the typical transaction flow: online discovery; online purchase; in-store shopping; payments; and delivery and collection.
Key findings include:
- 72% of retail professionals say COVID-19 accelerated their company’s digital transformation by at least a year
- 73% say the pandemic accelerated their technology-related investments
- 58% say COVID-19 accelerated their company’s new technology-related product launches
This study is available for NRF members. Non-members can download the report on Euromonitor’s site. Learn more about Euromonitor’s retailing insights here.
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