Survey by telecom retail software provider iQmetrix paints an optimistic picture of the retail sector with “transformational” strategies and solutions.
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Retail is in a state of flux, and nowhere is that truer than in the telecom sector, as a new survey report reveals. However, this transformation is leading to a bright future for retail for those who adopt the necessary changes.
iQmetrix, provider of the telecom industry’s leading retail management software, surveyed industry professionals across the US and Canada to glean insights into today’s trends, and predictions for what’s to come. Respondents came from top-tier telecom carriers, well-known wireless brands, authorized retailers of all sizes, wireless kiosk operators, and hardware manufacturers.
The Future is Anywhere: 2021 Trends in Telecom Retail reveals that the sector’s future is looking bright, with optimism across the board as the sector emerges from the pandemic. Respondents largely agree that the physical store still plays an important role, but only as part of an omnichannel retail experience.
The results also suggest that the optimistic outlook only stands up if retailers answer the call to meet the customer wherever they are. This means retail operators need to be able to sell anywhere, so that their customers can buy anywhere: in-store, online, via search, on social media, at kiosks and pop-up stores, and everywhere else.
The survey report breaks the results down into five sections, including the retail outlook, the role of the physical store, omnichannel, and the future of buy anywhere.
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Some key findings are:
- Nearly 70% of telecom retailers predict sales of wireless devices will be higher in three years compared with today
- 83.7% predict sales of smart home and IoT-connected devices will be higher in three years
- Almost 80% have invested in buy/reserve online, pick up in-store, or plan to do so within three years
- More than 30% saw e-commerce retail revenues increase by at least double over the past year
- 87% have invested or plan to invest in engaging with customers via social platforms
- 89% predict more growth in buy/reserve online, pick up in-store solutions over the next five years
- More than 88% predict a much greater focus on customer subscription and loyalty programs over the next five years
Stacy Hamer, Vice President of Client Experiences at iQmetrix, said, “Overall, these responses make up a very optimistic report—and an outlook that predicts huge change, not the status quo. It shows that authorized retailers and carriers will have to align with each other, invest in new product sales, and adopt new retail channels. It paints a transformational picture.”
This picture proves retailers need to implement technologies and increase resources to improve the customer experience, especially when considering e-commerce and omnichannel solutions. As provider of the telecom industry’s leading retail management software in North America, iQmetrix is uniquely positioned to help retailers meet the multi-faceted demands this dazzling future will bring.
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