In collaboration with analysts from Datamonitor's Verdict Research business unit, in this brief Ovum's Retail Technology team outlines the key changes in the retail industry, explains which trends will have the biggest impact, and analyses the implications and opportunities of these developments for both retailers and providers of technologies and services.
Scope
* This brief outlines business issues and technology enablers that are expected to affect the retail industry during 2010.
* The report covers developments in North America and Europe.
Highlights
Retailers can expect 2010 to be another year of struggle. Retailer sales will continue to suffer in 2010. Even economies where there is talk of 'green shoots' will be fragile. Moreover, high unemployment will continue to have a negative effect on consumer confidence. Focus on the existing loyal customer base is vital for retaining market share.
Shifting consumer habits drive change in retail businesses. Applied correctly, technology can enable business to respond to such issues.
Reasons to Purchase
* Understand the key operational trends to watch during 2010.
* Gain insight into the technologies that retailers must either invest in or extract more value from in 2010.
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Report Table of Contents:
Overview
CATALYST
SUMMARY
OVUM VIEW
analysis
BUSINESS TRENDS AND TECHNOLOGY ENABLERS
GREEN SHOOTS OR NOT, RETAIL SALES WILL CONTINUE TO SUFFER IN 2010
The synchronised economic downturn will worsen in Europe in 2010, impacting retail sales
The US is showing signs of recovery but expect a fragile retail sector in 2010
In Asia Pacific the Indian retail sector will recover quickly but Japan will struggle
FOCUS ON THE EXISTING CUSTOMER IS VITAL TO RETAINING MARKET SHARE
Retailers must focus on the existing customer and retaining a loyal customer base
To ensure high levels of customer service, retailers must focus on two core areas
RECESSIONARY STAFF CUTS WILL NEGATIVELY IMPACT SERVICE LEVELS
Retailers will be short of talented retail staff in 2010
Managing talent and knowledge to achieve high customer service levels
PERSONALISE CUSTOMER INTERACTION TO RETAIN MARKET SHARE
New ways of interacting with customers provides opportunities for data capture
CRM provides a single customer view
INVEST IN A MULTICHANNEL RETAIL FUTURE
Multichannel changes everything
Online retail revenues will continue to grow in 2010, and beyond
Prepare now for m-commerce
Improve stock allocation, planning and merchandising to be truly multichannel
Multichannel retailing adds further service expectations in the 'final mile' of home delivery
ACTIONS
TECHNOLOGY RECOMMENDATIONS FOR ORGANISATIONS IN THE RETAIL SECTOR
Map business process to accurately measure return on investment
Standardise infrastructure for flexible and cost effective rapid responses to market changes
Web 2.0 customer interaction requires a secure environment
RECOMMENDATIONS FOR PROVIDERS OF TECHNOLOGIES AND SERVICES
Understand the retail business process to realise full potential of technology investment
Work with your retail client to innovate in the immature multichannel technology space
Keep messaging simple
APPENDIX
DEFINITIONS
METHODOLOGY
FURTHER READING
LEAD AUTHOR
CONTRIBUTING AUTHORS
OVUM CONSULTING
DISCLAIMER
About Datamonitor
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