The pandemic has driven a dramatic shift in strategy for retailers towards digital commerce and investment in new technologies.
According to new research commissioned by JP Morgan and FreedomPay, which interviewed over 50 c-suite head-of-function executives from the US’ top retail, food and hotel brands, three quarters admit to a seismic shift towards digital commerce.
Prior to the pandemic, when the study was first initiated, 63 per cent of respondents said they were dealing with issues around the direction of their tech investment and where best to allocate resources.
Since then, decision makers have placed a significant priority on investment in technology and data commerce.
Nearly 80 per cent of respondents say the pandemic has reshaped their future and emphasised the urgent need to focus on integration of digital platforms during lockdown.
A further 69 per cent of technology-focused head of functions said they now placed digitalisation and data integration at the heart of their business processes.
“Initiated pre-pandemic, this study had the unique ability to reflect the impact of one of the greatest global economic crises of the modern era on the Retail & Hospitality sector,” JP Morgan’s head of product for merchant services Molly Walsh said.
“It has therefore captured the thinking of the most influential players, gauging their personal ‘front- line’ assessment of the true impact of COVID-19 on commerce, customers, employees, and vendors.
“This study uncovered unprecedented insights into how customer purchasing behavior is driving our merchant clients to build more effective payment and data commerce strategies, create new roadmaps and shape vendor relations in 2021 and beyond.”