Technology: a strategic imperative for successful retailers

Abstract

PurposeIn the aftermath of the COVID-19 pandemic, technology is rewriting the way consumers shop as well as the retail operating models. In this context, investment in new technologies is a strategic imperative for retailers striving to remain relevant and profitable. Using Kahn's Retail Success Matrix as the conceptual framework, the aim of the study is to propose a classification of emerging technologies based on their potential for sustaining retailers' competitive strategies.Design/methodology/approachFollowing an initial qualitative study based on in-depth interviews and focus groups with 20 retail managers, the authors collected survey data from a sample of 168 retail and technology professionals. To achieve the research objectives, content, descriptive and multiple correspondence factor analyses were carried out.FindingsThe data analyses result on a map that plots the technological solutions that retail experts identify as enablers of four key competitive strategies: product superiority, enhanced customer experience, frictionless shopping experience and operational excellence.Practical implicationsThis research work provides valuable insight into how retail companies can capitalise on technology to create or reinforce their competitive positioning. The framework acts as a guide for retail companies to assess their technology priorities.Originality/valueThis exploratory empirical study is the result of a collaboration between academic researchers and retail professionals. Thus, it addresses challenges experienced by key stakeholders. The encompassing classification enables a better understanding of the impact of technology on retailers' competitive positioning.

The impact of AI-powered technologies on aesthetic, cognitive and affective experience dimensions: a connected store experiment

“…This reveals a remarkable transformation of the retail sector, offering new opportunities and changes in consumer behavior (Hafner et al ., 2021). Therefore, artificial intelligence (AI) is potentially revolutionizing the way retailers are doing business and interacting with their customers (McLeand and Osei-Frimpong, 2019; Quinones et al ., 2023). In retail, advances in artificial intelligence have a great potential to enhance the customer experience during the shopping process and thereby customer satisfaction (Ameen et al ., 2021a, b; Vidushi and Kashyap, 2023; Wang et al ., 2023).…”