Did the Pandemic Accelerate Tech Product Launches?

WASHINGTON – Approximately 58 percent of retail professionals say the pandemic accelerated new technology-related product launches at their company, according to the new report, “Using Retail Tech Innovation to Enhance the Customer Experience,” released by global market research company Euromonitor International and the National Retail Federation (NRF).

“Technology will continue to be used to improve operational efficiencies and elevate the customer experience, positively impacting brand perception as a result,” said Michelle Evans, senior head of digital consumer at Euromonitor International.

Brands have leveraged technologies like augmented reality and virtual reality to connect with consumers, with 31 percent of consumers using these technologies to buy household items and furniture this year.

“The pandemic has drastically accelerated the implementation of new technology for many retailers,” said NRF Vice President of Research Development and Industry Analysis Mark Mathews. “While these developments can typically take several years of meticulous planning, many were unveiled to consumers in a matter of weeks.”

Innovations such as livestreaming emerged as a new retail channel, and findings from Euromonitor’s Voice of the Consumer: Digital Survey fielded in March 2021 suggest that globally, nearly 30 percent of consumers purchased through this medium in the last month. China recorded a high adoption usage at 63 percent; in the United States, while recording a relatively lower figure at 29 percent, popularity will likely continue as the concept takes hold.

Not only did companies accelerate transformation online, they also ramped up in-store tech investments. Almost 40 percent of consumers point to scan-as-you-go, smart cart, and walk-in, walk-out technologies as top desired features.

Tech-based immersive experiences will continue to pick up as consumers return to stores more frequently. Euromonitor’s digital survey results found that more than 42 percent of consumers are comfortable with in-store assistance from robots, and one in five are open to the idea of microchip implantation to enable payments.

Download the free report to understand how consumers’ relationship toward technology has changed and where companies should make technological investments.

About NRF
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. NRF.com

About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence, market analysis and consumer insights. From local to global and tactical to strategic, our research solutions support decisions on how, where and when to grow your business. Find the right report, database or custom solution to validate priorities, redirect assumptions and uncover new opportunities. With offices around the world, analysts in over 100 countries, the latest data science techniques and market research on every key trend and driver, we help you make sense of global markets.

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