A new survey compiled by VoucherCodes has found that British retailers are now taking digital seriously with 50% of those quizzed adopting a joint approach to investment in both physical and digital shopping.
At the other end of the spectrum the proportion of respondents prioritising High Street investment alone has slumped to just 8%, highlighting the clear direction of travel toward cross-channel retail.
Key takeaways from the report include the fact that 56% of British retailers have put money into payment technology over the past year while 47% have invested in digital receipts – with three quarters doing so in response to consumer demand.
Paul Lewis, senior director of marketing at VoucherCodes commented: “It is hugely satisfying to see more retailers than ever before investing in a joint approach to the shopping experience – an approach retail experts have been championing for years to encourage a step away from siloed, ineffective teams.
“What this research shows is retailers are finally beginning to understand that the industry is incredibly fickle and requires constant adaptation in order to keep up with consumer demand. Ultimately, consumers are in the driving seat, and retailers can no longer sit regimented if they want to boost sales and keep up with the constant pace of change.”
Other investment highlights include retailers own mobile apps, with 48% pumping money into this channel while 35% paid for their own in-store tablets and 19% embraced geofencing tech. AR and VR technology also found itself as a recipient of retailers funds with 15 and 11% of companies respectively targeting the medium.
Topshop is one such retailer to embrace VR, transforming Oxford Street into a giant water slide in the process.
The research was undertaken in partnership with WBR and is based on responses from 100 senior retail executives spanning fashion, luxury, sports, homeware, consumer electronics and DIY sectors.