Retailers need to invest in technology to boost performance: Oracle Study

A survey by Oracle showed that 83 percent of global respondents want the retailers to invest in technology and 57 percent said converged commerce is the key.

Technology has transformed the retail environment and suggests retailers to adapt the new limitless retail marketplace, revealed a report Retail without Limits- a Modern Commercial Society by Oracle.

Oracle report showed that consumers across the world are now driven by convenience and want a new commerce experience.

67 percent of the global respondents announced that they are using smartphones to browse or buy products and 56 percent said they have purchased direct from offshore international retailers.

According to the survey, 70 percent said retailers can give better experience in shopping by providing information about the product easily and services online and in stores.

The study highlights that retailers have opportunities to win customer through better in-store experience, effective mobile strategies and increased access to information regarding inventory and pricing.

59 percent respondents want access to product information across digital channels or in-store.

56 percent of consumers believe that giving authority to retailers to access their personal information can improve shopping experience while 55 percent disagree with this and 23 percent of respondents have downloaded an application that allows retailers to track their movement in store and online.

According the survey, 44 percent of consumers prefer to shop in store and take items home while some customers still prefer at-home delivery and 34 percent chose to buy online with home delivery.

“As retailers embrace this new global, mobile consumer they must also maintain profitability and lay the foundation for ongoing change,” said Jill Puleri, senior vice president and general manager, Oracle Retail.

The report surveyed 500 participants from each of ten countries – Australia, Brazil, China, France, Germany, India, Japan, Russia, the UK and the US.