By 
Luxury retailers expect tech investment to pay off in operational efficiency
- One in four predict a dramatic increase in operational efficiency, Communications Specialist Ltd research shows
Luxury retailers believe increased investment in technology and communications will boost operational efficiency across the sector, new global research* by world-leading communication technology company Communications Specialist Ltd shows.
RELATED: Luxury retailers invest in tech and communications as online sales increase
Currently just one in four (26%) believe the sector achieves excellence in its levels of operational efficiency. Around 58% rate efficiency levels in the sector as good while 16% say it is merely average.
However, the study with senior executives at luxury retailers with total annual turnover of $3.1 billion across Asia, Africa, Europe, the US and South America found plans to invest in technology and communications are expected to enhance the customer experience and efficiency in the sector.
Around one in in four (24%) expect a dramatic improvement in efficiency over the next three years while 76% expect a slight improvement, the research by Communications Specialist Ltd which supplies technology supporting luxury retailers and their clients found.
Investment is likely to include the widespread adoption of technology such as mobile POS devices for sales staff to improve customer service and reduce waiting times in stores. The mobile POS technology allows staff to look up inventory, process returns and manage orders for store delivery, or delivery directly to people’s homes.
Kevin Buchler. Chief Marketing Officer at Communications Specialist Ltd, said: “Technology is transforming many industries and the luxury good and high-end retail sector is no different.
“Increased spending on technology is widespread throughout the sector but it is paying off in terms of increased operational efficiency which is important for a sector which is achieving strong growth but is always under pressure to contain costs.”
Communications Specialist Ltd provides sales support on two-way radio systems as well as training, fitting and commissioning of equipment, systems amalgamation, on-site instruction, maintenance and the provision of spare parts internationally.
Its team of radio system experts have more than 25 years’ experience and will support and help resolve complex network issues on-site or remotely.
