Inventory Management, Analytics, E-Commerce Solutions Top Items on Independent Retailers' Shopping Lists, Study Says
By: FierceRetailIT July 22, 2014
Inventory management and predictive analytics software, in-store mobile device integration and e-commerce solutions are the biggest technology priorities for independent brick-and-mortar retailers, according to LightSpeed's first annual Retail Tech Forecast.
LightSpeed surveyed 640 of its independent retail customers and found that most have focused their limited technology budget—82 percent plan to spend just $200 per month—on digital tools that will yield a quick return on investment.
Of those tools, inventory management tops the list. Retailers are looking to keep track of inventory in real time and get sales data analysis to better inform inventory buys: 44 percent said inventory levels were the biggest challenge at brick-and-mortar stores.
A vast majority of these retailers, 95 percent, have already invested in inventory management tools and are seeing results, and 96 percent of respondents using predictive analytics said it has helped increase sales.