Canadian retailers are looking for new ways to increase sales by leveraging technology, e-commerce and social media. In fact, 31% of those that saw growth in the last year attributed it to investment in technology, finds a report by American Express.
Notably, the retail sector reports it nearly doubled its international presence, which it attributed to an increase in online shopping (45% 2016 vs. 27% 2015). Still, many retailers remain dedicated to traditional sales drivers, like customer service and experience (85%), reaching new customers (83%) and providing new product offerings (73%).
“Customer service and new product offerings are always important, but in today’s market, embracing new technology to meet customer needs is setting businesses apart from the competition,” says Kerri-Ann Santaguida, vice-president and general manager, Merchant Services, American Express Canada.
Here are some additional findings.
- 77% report that their customers are driving their need to adopt mobile technologies;
- retailers plan to improve or invest in the following over the next 12-months: mobile payment options (45%); contactless payment options (38%); creating/updating a mobile app (35%); and
- 33% are seeing increased sales from app or online purchases.