More Brits than ever are shopping online with sales up 15 per cent on the same time last year. However, a new study reveals many brands are falling to capitalise on the Covid-19 related growth in eCommerce due to crippling tech anxiety.
The research reveals 40 per cent of retailers have been put off completely from making a technology investment because of the array of software options that are available to them and 51 per cent agree that they are suffering from ‘tech anxiety’ when it comes to software purchases.
The research, by Brightpearl, set out to reveal what types of software retailers are investing in for 2020 by polling more than 500 retail firms in the UK. One concerning statistic pulled from the study highlighted that more than half of retailers (51 per cent) admit they do not have the time or expertise to confidently make major software investments.
“The anxiety that retailers are experiencing is understandable but now is not the time for retailers to adopt a ‘wait and see” approach”, says Nick Shaw, chief revenue officer for Brightpearl. “In the face of rapidly changing consumer lifestyles and shopping habits, businesses are finding the need to pivot quickly to stay competitive in today’s landscape. Brands must think strategically and make the necessary adjustments to their retail operations to capitalize on the uplift of online demand, or they’ll potentially miss out on the eCommerce boom. We’ve seen a number of our eCommerce customers quickly adding multiple channels, changing their delivery models or offering curbside pick up as a response to the shifts in shopper needs and behaviour but that’s only possible with the right technology in place.
The study also suggests that in the face of a wide array of technology choice, the majority of retailers (66 per cent) will opt for the most familiar brand name. whilst more than a third of buyers (37 per cent) would invest in the cheapest available software, two paths which carry risk.
Brightpearl’s Shaw adds “Merchants must keep in mind that the software they opt for is mission critical. While cheap and familiar might seem like a good short-term fix, a number of customers come to us because of issues they encounter over a two-three year period as they begin to grow. It is important to research all options and invest with a technology partner that is fit to scale with your business. For brands seeing a slowdown, this is a perfect opportunity to take the time to really evaluate tech stack without worrying as much about disruptions.”
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