Last Updated : Tuesday, January 14, 2020 21:21:15

WIPRO & RETAIL INFO study reveals retailers investing in New Tech

NEW YORK (US) | BENGALURU | MUMBAI | RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, Bengaluru headquartered Wipro Ltd said of the study conducted by the company and US based retail magazine – Retail Info Systems, it has been observed and  revealed that retailers are investing heavily into new technology solutions, to succeed with today’s consumers.

The release titled, “Study by Wipro and Retail Info Systems reveals retailers investing in new technology solutions to succeed with today’s consumers,” enclosed with the filing as submitted by the company further read that, Report discusses retail technology and employee best practices for creating smart stores that deliver financial success.

The release in details further read that, Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, in collaboration with US-based retail magazine, Retail Info Systems (RIS) developed a report titled, ‘Smart Store Strategies for Digitally Savvy, Time-Crunched Shoppers’.

The study, based on a poll conducted with senior executives from national and large regional retail organizations, reveals how retailers need to combine human and technology best practices to create “store-of-the-future” strategies.

It also highlights technology investments necessary to ensure financial success.

This conversation on best practices for technology deployment comes at a crucial time for retailers, as brick-and-mortar locations face increasing pressure to compete with consumers’ ecommerce options.

Wipro and RIS found that an overwhelming number of retailers are planning to stay competitive in the future by investing in new technology solutions such as digital signage, new mobile applications, and Al-driven customer service and support for enhanced consumer experiences called store-of-the-future.

The study finds that retailers are looking for guidance on improving implementation of strategies and ensuring their investments become profitable.

Some of Wipro’s and RIS’s additional observations on how retailers are creating store-of-the-future strategies include :-

  • 81 % of retailers say it’s important to adopt a smart, store-of-the-future strategy to succeed with today’s consumers. 88% also say that store associates play a big role in those strategies.
  • Most retailers want to improve their methods and best practices, as many respondents rated their performance in implementing store-of-the-future strategies as middling, scoring themselves just 5.5 on a scale of 10.
  • Retailers identify three high- level consumer strategies that rise far above the rest: service (88% said yes), convenience (73%), and value (67%).
  • Retailers believe the most important customer-facing technologies are click and collect (85%), proximity or location engagement in stores (64%), and buy online and return in store (55%).
  • New shopper-facing technologies retailers plan to invest in include new payment options (62%), interactive digital signage (47%), and click-and-collect (44%).
  • Advanced back-office technologies are also important. Retailers plan to invest in technologies such as advanced order management (79%), mobile apps for store staff (70%), personalized marketing capabilities (61 %), in-store mobile devices (58%), and AI driven customer service and support (28%).

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