New research shows luxury retailers investment expectations
New global research reveals that luxury retailers expect technology investments will boost operational efficiency across the sector, with one in four predicting a dramatic increase in operational efficiency.
The global communication technology company Communications Specialist Ltd conducted the new research.
The research revealed that currently, just one in four individuals (26%) believe the sector achieves excellence in its levels of operational efficiency.
Additionally, around 58% of individuals rate efficiency levels in the sector as good, while 16% say efficiency levels are merely average.
However, the study with senior executives at luxury retailers with a total annual turnover of USD $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 four individuals (24%) expect a dramatic improvement in efficiency over the next three years, while 76% of individuals expect a slight improvement, the research by Communications Specialist Ltd, which supplies technology supporting luxury retailers and their clients, found.
The investment will likely include the widespread adoption of mobile POS devices for sales staff to improve customer service and reduce store waiting times. 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.
According to Kevin Buchler, CMO of Communications Specialist Ltd, technology is driving significant changes in the luxury goods and high-end retail industry. Increased technology investment leads to improved operational efficiency, a crucial factor for a sector experiencing robust growth but facing constant cost constraints.
Kevin Buchler, CMO of Communications Specialist Ltd, says: "Technology is transforming many industries, and the luxury goods and high-end retail sector is no different."
"Increased spending on technology is widespread throughout the sector, but is paying off in terms of increased operational efficiency, which is essential for an industry which is achieving strong growth but is constantly under pressure to contain costs," says the CMO of Communications Specialist.
Communications Specialist Ltd provides sales support on two-way radio systems, training, fitting and commissioning of equipment, systems amalgamation, on-site instruction, maintenance and the provision of spare parts locally and internationally.
The company has an extensive product portfolio focusing on meeting its customer's complex communications needs. Their engineering talent and expertise can offer everything from sales, service, hire, software support, system installation and radio system engineering.
Its radio system experts have over 25 years of experience and will support and help resolve complex network issues on-site or remotely.
Communications Specialist Ltd commissioned the independent research agency PureProfile to interview 50 senior executives at luxury retailers with a total turnover of USD $3.1 billion based in Asia, Africa, Europe, the US and South America.