Canadian retailers are recognizing how important the adoption of digital and mobile technologies are in the face of rising consumer demand and new competitors entering the Canadian retail industry, according to the fifth annual Canadian Retail Insights Report.
According to the report, recently released by American Express, 88% of businesses feel their industry is more competitive than ever thanks to new online competitors, with 74% fighting harder than in the past to retain customers.
What holds the key to success? There is a consensus that the key to winning the battle is to put the customer first. In fact, 91% of businesses are focusing on enhancing their customer service experience to differentiate from their competition, and part of that strategy involves mobile offerings for customer engagement and retention.
“Canadian retailers are listening to what their customers want, and what they’re hearing is that consumers are demanding more from their shopping experience,” says Kerri-Ann Santaguida, Vice President and General Manager, Merchant Services, American Express Canada.
76% of Canadian retailers across all industries believe that mobile commerce is the way of the future.
“Mobile has had a profound impact on the digital shopping experience,” Santaguida explains. “The modern consumer has a global marketplace in the palm of their hand 24/7, and this creates opportunity to engage with them at so many more touch points.”
91% of Canadian retailers who adopted new payment technology practices in the past 12 months believe the shift to mobile payments is being driven by consumer demand and is critical to staying competitive. 72% believe that adopting new technologies will be key to their future.