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IDC FutureScape: Worldwide Retail 2021 Predictions

Published by IDC Product code 968071
Published Content info 18 Pages
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IDC FutureScape: Worldwide Retail 2021 Predictions
Published: October 27, 2020 Content info: 18 Pages
Description

This IDC study explores how disruption caused by the pandemic has had profound impacts on the retail industry and the ways that retailers have continued and will continue to respond with major shifts in investment priorities and technology planning."The technology investments required to navigate the future of retail have not fundamentally changed, but the priorities have shifted in the wake of current disruption in the industry," states Jon Duke, vice president of research, IDC Retail Insights. The pandemic has catalyzed changes in technology planning, accelerating critical investments. Those retailers with the capacity to invest will have a leadership advantage for years to come.

Table of Contents
Product Code: US46921120

IDC FutureScape Figure

Executive Summary

IDC FutureScape Predictions

  • Summary of External Drivers
  • Predictions: Impact on Technology Buyers
    • Prediction 1: By 2021, Retailers Will Accelerate DX Programs by Two Years in Two Months by Embracing Cloud-First Principles, Third-Party Services, and Systems Integration Partnerships
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 2: By 2025, Digital Shelves, RT Inventory Visibility, Robotic Fulfillment, and Automated Checkout Will Accelerate Investment in Connected Store Edge Platforms by Two Years and 10x Over Current Forecast Levels
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 3: By 2023, 80% of Retailers Will Offer Contactless Payments and App-Based Scan-and-Pay Systems In-Store, Increasing Conversion Rates by 40% and Customer Retention Rates by 30%
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 4: By 2024, 40% of Retailers Will Strengthen Partnerships with Suppliers for Supply Chain Transparency, Reducing Product Life-Cycle Carbon Footprint by 30% and Increasing Customer Trust by 50%
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 5: By 2023, 50% of Retailers Will Extensively Use DevOps Practices and Tools, Paving the Way for Operating Like Software Companies
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 6: By 2023, Following Early Experimenters, Retailers Will Accelerate Intelligence Capabilities by Acquiring AI Technology Vendors for Their Own Competitive Advantage, Driving 5-10% Improvement in Growth
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 7: As a Result of the Pandemic, by 2022, Retailers Will Have Reversed the Promotional Arms Race, Reducing the Amount of Promotional Activity by 50%, Effectively Increasing Prices by 5% Across the Industry
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 8: By 2023, 75% of Grocery eCommerce Orders (Which Will Represent 15% of Sales) Will be Picked up Curbside or In-Store, Driving a 35% Increase in Investment in Onsite or Nearby Micro-Fulfillment Centers
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 9: By 2023, the COVID-19-Related Intersection of Safety and Security Will Drive Shared Retailer Funding and a 30% Lift in Spending Across Computer Vision, Biometrics, and Enhanced Video Surveillance
      • Associated Drivers
      • IT Impact
      • Guidance
    • Prediction 10: By 2023, a Major Retailer Will Announce a Completely Reimagined, Almost Completely Touchless, Contactless In-Store Experience, Leveraging Voice Activation and Gesture- and Motion-Sensitive Technologies
      • Associated Drivers
      • IT Impact
      • Guidance

Advice for Technology Buyers

External Drivers: Detail

  • Accelerated Disruption - Crisis, Resilience, and Opportunity
  • Strategic Innovation - Shaping the Future Enterprise Today
  • The Next Normal - Resilient Business and Operating Models
  • Digital Platform - Ecosystems at Scale
  • Crisis of Trust - Meeting Rising Expectations
  • Customer Engagement Redefined - Safe, Secure, and Sustainable Digital Experience
  • The Learning Organization - Asymmetrical Advantage

Learn More

  • Related Research
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