Sony’s 2024 State of Retail Technology Report highlights opportunities and challenges for the retail sector, with traditional stores poised to regain ground.
The “State of Retail Technology 2024” report from Sony Professional Displays and Solutions, produced in collaboration with Censuswide, sheds light on a potential shift in the purchasing habits of European consumers, including those in Italy. After years of e-commerce growth, the landscape seems to be rebalancing.
The research, which surveyed over 1,000 participants, including retail decision-makers and consumers, reveals that 40% of European buyers would like to try clothes before purchasing them online, while 45% find it problematic not being able to assess product quality. These frustrations open the door for physical stores, which can fill these gaps by offering a richer sensory experience, though online shopping still prevails when it comes to pricing.
Technological and sustainability challenges: a crucial dual focus
One of the main issues highlighted by the study is the technological lag of physical stores compared to e-commerce. 66% of retailers state that they still lack the right technological solutions to offer a service similar to online shopping in terms of product availability. While digital investments remain a priority for 33% of retailers, only 32% are focusing on enhancing in-store technologies.
Sustainability is also a critical factor for younger consumers, yet surprisingly, only 1% of retailers plan to invest in sustainable initiatives in the next 12 months.
Loyalty is built with omnichannel experiences
The report emphasizes that consumers expect greater integration between physical and digital channels. 41% of respondents believe loyalty programs should be a priority, while 24% would prefer to shop online and return items in-store, highlighting the importance of an omnichannel approach. 20% of young people between the ages of 16 and 24 say they would visit a store to support a specific brand. Additionally, a third of consumers (31%) are more likely to visit physical stores if the customer service is of high quality.
Retailers should therefore invest in technologies that improve not only space management but also customer and staff interaction, making the shopping experience more personalized and engaging.
Digital signage and innovation: the future of retail
Looking ahead, the report highlights how digital signage and the integration of AI sensors could revolutionize the in-store experience. According to Nikki Blissett, Marketing Director of Xibo Signage, digital signage will play a key role in engaging consumers by offering dynamic, targeted content that synchronizes promotions and offers across various channels. This technology will enable retailers to harmonize communication between physical stores and digital platforms, helping to strengthen brand image.
Despite economic challenges and rising management costs (identified by 29% of retailers as one of the main hurdles), investing in these technologies represents an opportunity for growth. It appears that the key to success will be balancing innovation and sustainability, responding more quickly to changing consumer expectations.
The full report is available at this link.
