Why retailers need to be tech-savvy

New research has revealed the impact innovative technology will have on where British consumers shop.

The research among 2,000 British consumers, published by Hitachi Consulting, exposes the attitudes to technology of different generations and incomes – identifying millennials as the group retailers can target to boost sales and grow market share.

Over two-thirds (69%) of respondents aged 24-35 claimed they would be more likely to shop with a retailer that was enhancing the shopping experience with innovative technology. This generation has also proved over the last 10 years that it is the most likely to change its shopping habits, with almost three-quarters (72%) stating their routine differs to a decade ago.

This contrasts with previous generations. The likelihood of changing shopping habits because of technology falls as age increases: less than 1 in 10 baby boomers would shop elsewhere to benefit from technology and only 6% of those of retirement age (65+). These age groups have also changed the least in the last decade.

The research has also revealed how the likelihood of Brits changing where they shop to benefit from technology increases in parallel with income. Whereas only around 15% of respondents with lower income would be influenced by technology, over two-thirds of Brits with an income of £75,000-£99,000 would, as would three-quarters earning £100,000 and nine out of 10 earning over £125,000.

Digital signage and real-time inventory availability systems are named as examples of new technology at retail.

Read the article 'How tech could change your POS' here...

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