With international and domestic trade on the rise, the retail sector in Australia continues responding to changes in technology. These range from development and use of crypto currencies to innovations in shipping and shopping cart functionality.
According to the recent Commonwealth Bank Retail Business Insights Report, the overall rate of technology innovation in the Australian retail sector has remained steady over the past 12 months. The report found that despite business maintaining step with technology, it is clear that not all retailers are adopting change as well as they could be.
The key drivers for Australian business in relation to technology and improvement are productivity, leverage and growth. These align with expected business benefits. The report suggests that only a fraction of retailers are looking to innovate in response to direct customer feedback or observed customer behaviour changes.
The report acknowledges that there are unrealised opportunities for Australian Retail to leverage technology and adapt to change.
For Australian Retail that is moving towards adopting these changes, technology in the form of their website, digital presence and online payments are at the fore front of their directive spend.
With this investment in technology, retailers on average are expecting return on investment within 12 months. The return is, on average, almost two dollars for every dollar spent, suggesting that significant budgets are not needed to generate a substantial return on technology investment.
For more on this report, visit: http://www.commbank.com.au/retailinsights
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