Strategies to drive profit and growth after several years of macro-economic disruption will dominate retail in 2023. Profits will come from optimizing core operating systems and growth from smartly connecting with customers wherever and whenever they shop. The annual RIS Retail Technology Study examines today’s IT spending plans as retailers reinforce the tools needed to achieve revenue and profit in today’s fast-moving marketplace.
STUDY HIGHLIGHTS
33rd ANNUAL RETAIL TECHNOLOGY STUDY
By JOE SKORUPA
Average share of funds allocated to IT budgets in 2023, which is up from 12% last year
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Read on to learn about the current state of the retail IT landscape and where retailers are planning to invest critical IT dollars in 2023 and beyond.
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Return
Profit
Growth
to
and
14%
Respondents who chose employee engagement and wages as the top challenge to commit significant resources to over the next three years
56%
Retailers planning to increase IT budgets or maintain current levels in 2023
74%
Retailers that plan to increase IT budgets in fiscal year 2023
44%
Respondents currently upgrading or will upgrade digital devices (signage, kiosks, magic mirrors) in next 24 months
40%
The average share of total retail sales from digital channels
20%
Retailers that plan to invest in category management technology within the next 24 months
29%
to
and