While 2023 was undoubtedly tough for many retailers, there are signs that consumer spending is set to increase once again in 2024, with EY data projecting a lift in consumer buying power. In order to nurture these green shoots, retailers of all sizes need to be proactively rethinking how they can optimise their businesses and encourage consumers back.
Far too many large retailers however are facing challenges with their current tech stacks, either restricted by platforms that no longer meet their needs, or custom-built, cumbersome internal efforts that are hampering innovation, and it is starting to impact their sales as more agile and fast-growing competitors take advantage. Enterprise retailers therefore need to explore how they can deploy strategies that will enable them to create faster, more cost-effective tech stacks that optimise the customer experience and deliver growth.
