Why Future-Focused Retailers Must Ready Their Tech Foundations

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Embracing the latest tech innovation can be do or die for retailers, especially those courting millennial and Generation Z consumers. Augmented reality (AR), the metaverse, virtual assistants—retailers are racing after all of it. And for good reason: In 2021, e-commerce sales grew by 40% over the previous year, McKinsey found. Social commerce, or selling through social media channels, is expected to more than double from 2021 to 2025, reaching about $80 billion in retail sales.

Retailers clearly recognize the need to lean into digital solutions and new technologies. When asked whether they expected three-quarters or more of their revenue to come from digital sources within the next three years, 34% of retailers said yes, according to Workday’s latest global survey. That’s nearly a threefold increase over our 2019 report, and the highest among industries surveyed.

Yet the promise of selling more, through more channels, hardly means that tech investments should only be focused on the consumer experience. For retailers still operating with legacy enterprise resource planning (ERP) systems, there’s another, more fundamental technological advance to consider: an enterprise management cloud solution.

A retailer could be tempted to launch a whizbang tech innovation such as an AR experience that lets consumers

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