Retailers and brands continue to explore onboarding new solutions, including analytics, personalization and marketing technology. Technology spending has not stopped or gone down, and sales cycles continue to remain intact. For pilots and proof of concepts that are generating a meaningful ROI, companies are doubling down on the adoption and onboarding of a comprehensive suite of technologies. As an example, one retail analytics client had a large customer recently increase its ACV by 20% via an upsell, and they are onboarding a large new customer which would have a Top 3 ACV.
Similar to how Apple Stores and Starbucks have now reopened all stores in China, we expect most major brick and mortar stores to reopen in the next 1-2 months in the US, and Bill Gates agrees. For retailers, now is a great opportunity to beef up their online offerings, and A/B test new technologies as commerce moves almost exclusively online in the near term. This is a prime window for retailers like Walmart and Target to test prior and new investments, and live up to their fabled prowess in supply chain management. The winners of tomorrow will be decided by those that make the right technology investments today. For technology providers, now is a great opportunity to get the attention of retailers, demonstrate the power of their solutions, and explore strategic financing and partnership opportunities.
Please feel free to visit ComCap’s research site for reports on each segment of retail technology – we are interested in hearing your feedback and what is working for you.
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