Tech Mahindra and Coresight Research Unveil Vision for the ‘Store of the Future’: A Data-Driven Approach to Enhance Retail Performance
Tech Mahindra, in collaboration with Coresight Research, a well-known research company specializing in retail and technology, has published a comprehensive report titled “Store of the Future: Unlocking Performance Through Innovation.”
This report talks about how stores are modernizing to make the shopping experience better for customers. It focuses on four main things: making shopping easier, improving how happy customers feel, helping workers do their jobs better, and increasing sales in the store.
The “store of the future” is described as a shop that uses technology and data to improve the customer experience while also making operations more efficient. The findings are based on a survey of 360 retail decision-makers in North America and Europe. They show that many retailers are using technology to address problems like poor store management and wrong inventory counts; 92% of them are investing in tools to improve in-store operations.
Sampath Saagi, Head of Diverse Industry Verticals Group (DIG), Americas, Tech Mahindra, said, “The ‘Store of the Future’ is not just a connected space; it’s a smart, data-driven environment where good customer experiences meet effective operations.”
Key findings from the report ‘Store of the Future: Unlocking Performance Through Innovation.
- 92% of retailers are investing in technology to enhance in-store operations.
- 84% of respondents acknowledge persistent operational inefficiencies that affect margins and revenue.
- For 40% of retailers, improving the shopping experience is the top priority.
- 57% are focused on using advanced data analysis, making it the most common technology used, while better inventory tracking is seen as a key need.
- Retailers believe technology will help them have better product availability, more automation, and instant data insights.
- Better inventory tracking is viewed as essential for future store operations.
- The three main benefits of using new technology are having more products available, increased automation, and access to real-time data.
Although there is considerable hope surrounding the use of these technologies, challenges such as high costs and data security issues still hinder progress. This highlights the need for a careful, step-by-step approach to digital changes.
Deborah Weinswig, the CEO and Founder of Coresight Research, stated, “Creating the ‘Store of the Future’ is more than just using separate technologies; it means understanding the key operational challenges and having a plan to solve them. Success depends on matching investments with short-term goals and long-term growth to gain a true competitive advantage.”
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