Retailers to break out wallets in 2004
January 13, 2004,
NEW YORK — Retailers plan to spend more on technology in 2004, according to new research by the NRF Foundation (NRFF) and BearingPoint, Inc. The study, "Retail Horizons: Benchmarks for 2003, Forecast for 2004," found that 83 percent of retailers expect replacing or upgrading point of sale (POS) software systems to provide real-time customer information at the time of sale.
This second annual study, which surveyed more than 100 retailers, focuses on store and field operations, supply chain, customer relationship management, merchandising, advertising, human capital, information technology and marketing issues.
Other key findings of the study include:
Cost containment will be the number one priority for 2004.
74 percent of retailers segment their customer base by loyalty and 66 percent by customer preferences.
49 percent cite private label development as a priority.
82 percent list sales associate training as a key initiative.
In addition, about a third of the respondents will focus on micro-merchandising and multicultural marketing.
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