Inventory Management, In-Store Mobile Deployment and E-Commerce Functionality Top List of Tech Priorities for Independent Retailers

MONTREAL, July 16, 2014 /PRNewswire/ -- Inventory management and predictive analytics software, in-store mobile device integration, and e-commerce solutions are the biggest technology priorities for independent brick-and-mortar retailers, according to the first annual Retail Tech Forecast from LightSpeed, the commerce platform for serious retailers.

The company surveyed 640 of its users, primarily independent store owners with relatively large or complex inventories, about the technologies critical to their businesses today and those they believe will be most important down the road.

While cutting edge innovations like iBeacons, heat mapping, fitting room technologies, and smart screens have made their mark as hot topics of conversation in the media, LightSpeed wanted to learn what retailers really have on their minds and forecasted in their budgets. They found that most merchants focus their limited budgets -- 82 percent of respondents have a technology budget of less than $200/month -- on digital tools that they believe will immediately impact their bottom lines.

Inventory Management Tops the List

Topping the list of "immediate impact" tools is inventory management software that allows retailers to keep tabs on their stock in real time, and provide sales-data analysis that help them make more informed inventory purchases. Forty-four percent of retailers said finding the right inventory levels was their biggest inventory-related challenge for their brick and mortar business - more than any other business obstacle.

Implementing tools to help solve these issues work - 95 percent of respondents that have already implemented inventory management technologies said they have been impactful in increasing sales.

The data analysis component is equally important. Twenty-three percent of respondents currently use predictive analytic tools (tracking data to help buy more precisely), but the effect of this data is powerful; 96 percent of those respondents using predictive analytics said it has helped increase sales. Looking forward, the survey implies better data analysis is a priority, as 48 percent say they will implement analysis tools in the near future, a 108 percent increase.

Bringing Mobile In Store

Mobile devices will also emerge prominently in retailers' operations, the survey found, because retailers say their use improves the customer experience and creates a more efficient environment for sales associates. The percent of merchants deploying tablets, smartphones and other mobile devices for checking out shoppers (currently 17 percent) is expected to increase a whopping 170 percent in the coming years.  The percent of retailers that rely on mobile devices to look up inventory on the sales floor is expected to jump from 22 percent currently to 40 percent.

Mobile checkout and inventory lookups are doing more than just looking great and making retailers' lives easier. While only 24 percent of retailers named driving revenue as a primary reason to invest in mobile check out, they may be pleasantly surprised: 80 percent of respondents who have already implemented mobile checkout say that it has helped boost sales, and 82 percent of those using tablets for mobile inventory lookups said it has helped drive revenue.

Expanding Online

E-commerce will attract more dollars from retailers' tech budgets as well. While less than one-half -- 38 percent -- of those surveyed currently operate an online storefront, retailers are planning a big investment in this category. An additional 38 percent without an e-commerce presence today say they will establish one by the end of this year or in the foreseeable future – a 100 percent increase.

Those that already have an online store see its value and will invest to make it more robust - 58 percent plan to increase their budget for the online store in the next 12 months.

"Retailers are sending a clear message when it comes to technology: they want solutions that enhance efficiency and improve the customer experience, all things that can help them make more money right away," said Dax Dasilva, Founder and CEO of LightSpeed. "Tools that help retailers sell smarter and better, like mobile checkout, mobile inventory lookup, and integrated e-commerce, are on the rise, because they generate tangible results virtually the minute they get deployed."

To download the full report, visit http://www.lightspeedretail.com/tech-forecast-2014.

About LightSpeed

LightSpeed provides serious retailers the simplest way to build, manage and grow their business and create a better shopping experience. More than 19,000 stores processing over $7.3 billion in transactions annually use LightSpeed's retail commerce platform to unify inventory, customer preferences, sales and analytics, in-store and online. Founded in 2005 with offices in Montreal, New York City, Olympia, Ottawa and Silicon Valley, LightSpeed is backed by Accel Partners and iNovia Capital.

Media contact:
Sarah Spitz
Bateman Group
[email protected]

SOURCE LightSpeed

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