RETAIL TECH ICONS: BRINGING IN INNOVATION AND SCALABILITY
Images Retail|November 2022
Asurvey of 1,420 IT executives across Europe, Asia and the Middle East found that there has been a 59% rise in investment in technology by retailers during 2022.
RETAIL TECH ICONS: BRINGING IN INNOVATION AND SCALABILITY

Respondents in the survey revealed that over the next 12-18 months, they plan to invest in the cloud (75%), security (57%) and digital transformation (48%).

In 2021, Deloitte quizzed 50 senior retail executives across multiple subsectors about their priorities over the next 12 months. Reimagining the workforce, supply chain resiliency, and digital revolution emerged among the top three. Despite the di erence in functional areas, it boils down to investment in technology.

Big Box retailers are even going a step ahead and investing in technologies like Metaverse which are still in their nascency. For instance, Reliance’s Jio Platforms invested $15 million in the ‘Metaverse’ by buying a 25% stake in Two Platforms, a Silicon Valley-based deep tech startup.

There’s no denying the fact that technology is central to every retailer’s growth story. No exception.

The rising importance of technology in transforming and growing the business has changed the roles of those in-charge of tech operations in a retail business and expectations about them.

No longer are CIOs department heads of a support function, they are fair and square in the driver’s seat and need to be more than just subject-matter experts. According to International Data Group (IDG)’s “State of the CIO Study 2022,” 58 % of workers outside of IT describe their company’s CIO as a “strategic advisor who proactively identi es business opportunities and makes recommendations.”

Today’s CIO must know how to leverage technology to create value for the business.

CIO: The Partner in Growth

This story is from the November 2022 edition of Images Retail.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the November 2022 edition of Images Retail.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM IMAGES RETAILView All
McDonald's The Maharaja Mac Of Transit Retail
Images Retail

McDonald's The Maharaja Mac Of Transit Retail

While McDonald’s serves as a great example of successfully Indianising a global brand, it is also an insightful case study in strategically making transit retail work

time-read
9 mins  |
October 2024
Founders, Market are Key for D2C Investors
Images Retail

Founders, Market are Key for D2C Investors

Investors and brands across the retail landscape are the crucial factors considered when raising funds

time-read
3 mins  |
October 2024
Powering Consumption Growth India's Home and Household Market Report
Images Retail

Powering Consumption Growth India's Home and Household Market Report

The report from Deloitte India projects that India’s home and household market is witnessing strong demand, particularly in tier 2 and tier 3 cities that are emerging as growth hubs

time-read
5 mins  |
October 2024
Tech Infra Readiness Among Top Challenges in GenAI implementation
Images Retail

Tech Infra Readiness Among Top Challenges in GenAI implementation

Tech infrastructure readiness is one of the top three challenges organisations in the technology, media, and telecom (TMT) sector face when implementing Generative AI (GenAI) solutions, a report stated.

time-read
1 min  |
October 2024
Amazon India Introduces AI Chatbot Rufus Ahead of Festive Sale event
Images Retail

Amazon India Introduces AI Chatbot Rufus Ahead of Festive Sale event

E -commerce major Amazon India launched a new generative AIpowered conversational shopping assistant, Rufus, ahead of the start of its festive sale event.

time-read
1 min  |
October 2024
'Fusion of Art and Commerce Helps Virtuous Retail Create Culturally Rich Shopping Environments'
Images Retail

'Fusion of Art and Commerce Helps Virtuous Retail Create Culturally Rich Shopping Environments'

Sumi Gupta, board member of VR South Asia, who spearheads all things art and culture at the group, talks about the unique approach of curating art festivals in retail spaces to foster a deep community connection and drive commerce

time-read
5 mins  |
October 2024
Jumboking's Travel Retail Journey
Images Retail

Jumboking's Travel Retail Journey

About 95% of Jumboking's outlets are positioned at busy transit hubs benefiting from the high foot traffic these places enjoy

time-read
1 min  |
October 2024
What's Driving the Success of Electronics on Q-commerce
Images Retail

What's Driving the Success of Electronics on Q-commerce

Electronics are among the hottest selling items on q-commerce. Here's what's driving the trend and why the collaboration is a win-win for all stakeholders

time-read
4 mins  |
October 2024
Measuring the Influencer Effect
Images Retail

Measuring the Influencer Effect

Influencer marketing has become a core part of every brand's marketing. But does it really benefit brands?

time-read
3 mins  |
October 2024
Mid-range Smartphone Users Lead in Premium Product Engagement
Images Retail

Mid-range Smartphone Users Lead in Premium Product Engagement

The study, conducted by Bobble AI’s Market Intelligence division, delves into the online shopping behaviour of smartphone users

time-read
3 mins  |
October 2024