American Express: 69% of Canadian retailers believe in the power of technology

According to a new report from American Express, Canadian retailers are increasingly recognising the importance of investing readily in improving customer experience in order to remain competitive within the market.

The sixth annual Canadian Retail Insights Report reveals that 97% of Canadian retailers agree that working hard to enhance the in-store experience is important, whilst 69% believe that investing in new technology is integral to continued success within the industry.

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The results were gained from a survey of 375 Canadian retailers including grocery stores, restaurants and general retail companies.

“It’s not good enough to be good anymore; retailers need to be unforgettable,” said Kerri-Ann Santaguida, Vice President and General Manager, Merchant Services, American Express Canada. “With emerging technologies poised to disrupt the industry, the stakes have never been so high. “

The demand for digital transformation is effecting all industries, including the retail sector. Consumers are increasingly becoming expectant of the latest technologies, from offering the latest payment methods to utilising cutting edge technologies to enhance ecommerce offerings.

“Businesses can’t afford to ignore these trends as they have the potential to completely transform the customer experience and grow market share if executed well,” Santaguida continued.

45% of retailers revealed they were upgrading their ecommerce solutions, whilst other areas of common digital investment include email and text marketing (42%) payments technology, (38%) and mobile apps (38%).