Surviving and thriving: tips for keeping your business current and competitive
In a challenging economic climate, it’s never been more important for retailers to win over customers, develop innovative products and enter new markets. Technology is the variable that will elevate the winners in this epic battle.
New research shows leading retailers are investing in the latest digital tools to give customers what they want and also support their teams to go after highly contested market share.
Investing in the latest technology can help retailers gain a competitive edge. iStock
According to commerce platform Shopify’s Australian Retail Report 2023, almost half (44 per cent) of senior retail leaders are looking to invest in automation and artificial intelligence over the coming year. They are bringing these technologies to bear on their operations in a number of ways, for instance using AI to develop new products and support their staff to do their best work.
As Shopify’s Director of Technology Services and Enterprise (APAC) James Johnson notes, retailers are operating in a dynamic environment, which means it’s vital to give customers what they want. Technology can support them in this. “Our research shows 93 per cent of Australian retailers say customer experience is either important or very important at the moment.”
AI has the potential to revolutionise retail, giving large and small retailers opportunities to compete in their markets more effectively.
Brand Collective’s group general manager for digital and marketing Anna Samkova says the business uses tech tools in a huge variety of ways. “We utilise a diverse range of tech tools to enhance our retail strategies. With these tools, we gain valuable insights into customers’ shopping preferences, such as the categories they are interested in, their
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