The insight: Despite softer consumer spending, the majority (68%) of retailers plan to spend more on tech initiatives over the next three years, per a report by Coresight Research and VMware.
Zoom in: Much of that investment will go to improving the digital experience: 75% of retail executives intend to spend more on ecommerce, per Mercaux’s Pulse of Retail 2023 report.
The big takeaway: Improving the customer experience will be key as retailers navigate a period of slowing growth and cautious consumer spending. But technology can only get companies so far—retailers also have to address the customer service element by hiring enough staff and giving them the training and tools they need to succeed.