Tech investments expected to rise 10% on average in 2024, according to new survey results published by SoftServe
SoftServe, a IT consulting and digital services provider, announced the results of its newest study on retailer technology, which found 99% of the 100 retail executives from large enterprises surveyed predict a surge of technology investments to happen this year. Across the board, investments are expected to increase by an average of 10%, while 94% of respondents reported technology to be a significant driver for new customers.
“With the rise of e-commerce and embedded finance – and now, AI – ingrained in every fragment of the retail industry and its counterparts, executives are seeing technology measures as the only way forward to a competitive future,” said Mike Ortiz, SoftServe’s Segment Head of Retail. “From online carts to last-mile deliveries, or storefront shopping to contactless payments, retailers are thinking about how they can control and provide a seamless experience. Their chosen technology investments and predictions will be key in how these scenarios evolve and transform the industry in 2024.”
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Few key findings from the report:
- 44% of retail executives say improving customer experience is one of retailers’ top 2024 goals driving technology priorities and strategies, followed by increasing customer retention (38%), and accelerating customer acquisition (32%)
- 46% worry new technology investments don’t leverage or integrate with data and analytics
- 71% cite store operations as the dominant area of business determining technology investments for the next year
- 50% of retail executives plan to invest in AI-powered customer recommendations to increase customer engagement while 47% cite Generative AI as an investment priority
Here is downloadable complete report to learn more
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