If there’s one industry that’s innovating at lightning speed, it’s retail technology.
With almost 94,000 online shopping businesses operating in Australia in 2024 (an increase of 12.5% from last year), the rise of retail technology shows no signs of slowing.
According to the Shopify Australian Retail Report 2024, data, digital experiences and commerce solutions are playing an increasingly important role in the business ecosystem. More than 90 per cent of retail leaders surveyed believe the role of chief technology officer (CTO) contributes to the evolution of the business and revenue growth. More than half of retailers surveyed (58 per cent) are boosting investment in ecommerce solutions in the next 12 months to enhance digital operations and customer reach.
Despite the ongoing uncertainty around both the Australian and global economy, many local retailers remain excited about the possibilities of technology, especially AI. AZK Media’s Managing Director Azadeh Williams recently asked industry leaders attending the Online Retailer Expo in Sydney for their perspectives on the innovation of the retail tech landscape.
The magic of AI integration
Hugh Russell-Parsons, Strategic Partner Manager APAC at Gorgias, is particularly energised by the advancements in AI automation. "The sheer volume of AI innovations is thrilling. For instance, Gorgias' AI agents can automate up to 50 per cent of customer conversations across various channels," he explains. The power of this AI-driven technology not only streamlines operations but also frees up valuable time for teams to focus on strategic growth and enhance customer experiences.
Blending online and offline innovation
Kehan Vale, APAC Growth Director at Reviews.io, shares his excitement about the rapid advancements in both online and offline retail technologies. "The integration of innovative products, POS systems and AI solutions is particularly exhilarating," he says. The seamless fusion of these elements is driving transformative change in how retailers operate, creating new opportunities for efficiency and customer engagement.
Standing out with customer-centric strategies
Zach Hotchkiss, Regional VP APAC at Attentive, highlights the importance of differentiation in a crowded market. "It’s crucial to have innovative products and stay attuned to consumer trends," he asserts. Hotchkiss shares his enthusiasm for the potential to stand out by focusing on the next generation of buyers and leveraging modern communication channels to build deeper connections with customers.
Innovating with first-party data
Outsourced CMO Mark Baartse is passionate about how technology is reshaping the data landscape. "Retailers must innovate, and the changing data landscape presents both challenges and opportunities," he says.
Baartse is particularly excited about how companies are using first-party data for personalisation and gaining deeper insights into customer behaviour. This level of data-driven innovation is a key driver of success in the retail technology sector.
Expanding market reach with technological flexibility
Ivan Logan, MD and Founder of Omnivore, is thrilled by the flexibility that technology offers retailers. "We’re enabling retailers to integrate with various marketplace channels, allowing them to test and optimise product sales across different platforms," Logan explains.
This capability to adapt and distribute products widely is transforming how brands reach their audiences and respond to market demands.
Technology is an open door to financial success
David Espitia, Account Director at Queue-it, believes ongoing technological advances are boosting e-commerce growth. "The way technology helps retailers expand their reach and increase revenue is incredibly exciting," he says.
Espitia’s enthusiasm underscores the role of tech in driving brand visibility and financial success.
Untapped potential to innovate
Samved Shankar, Sales Executive at Zoho, is captivated by the evolution of the retail tech industry. "The market is growing, and there are still untapped areas with innovations emerging regularly," Shankar remarks.
A constant influx of new technologies and solutions keeps the industry dynamic and full of potential.
From AI-driven automation to innovative data storage, the retail-tech landscape is moving fast. As these experts have pointed out, staying competitive in this fast-moving sector involves embracing new technologies, understanding shifting consumer preferences, and continually innovating.
The future of retail tech is not just about keeping up – it's about trailblazing into a new era of possibility.
Authored by Jessica Phillips (Poulter), Social Media and Communications Specialist at AZK Media.
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