Technology Ignorance Will Cost the Average Retailer More Than $300,000 this Holiday Season

Written by Mark Hook on 06 November 2017

Technology-ignorance-will-cost-retailers-dearly-this-Holiday-season

With this year’s holiday spending expected to reach $655.8 billion, there’s a great deal of opportunity for retailers to succeed this festive season. However, many will miss the boat, as they’re tied up trying to manage the increase in footfall and traffic during busy periods.

We recently spoke to 350 retailers to find out how they manage holiday season spikes and the findings were very revealing -- the costs associated with using inefficient business processes and operations could cost the average retailer more than $300,000!!

Check out the infographic below which reveals why the majority of retailers will ignore the benefits of technology and continue making costly decisions to meet holiday demand – hiring extra staff, increasing inventory, or extending shopping hours.

Prepare well for the holidays, and don’t make the same mistake!

Technology-ignorance-will-cost-retailers-dearly-this-Holiday-season_v4.jpg

 

Key Stats to Remember:

Slightly more than half of decision makers in retail (58%) currently invest in technology to manage sales spikes, for example at busy shopping times like Black Friday and the Seasonal Holidays, which means a significant number do not.

To prepare for holiday shopping, retailer decision-makers favor:

  • Hiring extra staff (53%)
  • Increasing their inventory position (40%)
  • Extending opening hours (17%)
  • Hiring extra staff or extending opening times (70%)

Just over a third (35%) of retailer decision-makers would be very likely to adopt a new technology solution to automate their back-office and inventory processes during peak periods.

Whilst 19% (the equivalent of one in five) retailers do not automate processes and workflows to manage sales spikes at peak trading times.

Finally, 31% consider automation to be the most important retail initiative in driving business growth.

 


Are you ready to find out how automating your workflows could help you and your retail business save money? 

Take our quick 5 question assessment now!

Are you ready for a profitable peak season? It's time to find out!

Mark Hook
About the author
Mark Hook

Mark Hook is PR Manager for Brightpearl, and can often be found coming up with creative ways to share our story with the wider world. Mark is passionate about the power of brand storytelling and how that can translate into business success. When he's not shopping for the latest fashion trends, he enjoys working with teams at Brightpearl and our many retail customers to drive awareness and connections with their audiences through varied media channels.

Welcome to the Brightpearl Blog

The best place for the latest retail news, stories, tips, and trends.

Get more content like this direct to your inbox. Subscribe here.

Recent Posts