Retail Technology: Buyers Consider Analyst Reports Above Social Media Content
Insight driven Tech PR Agency, CCgroup, has released the findings of its primary research study “How to influence retail technology buyers”. The results, collected from over 30 tier one (turnover above £500m) and tier two (turnover between £30-£500m) UK retailers, identified the information most important to decision-makers when longlisting, shortlisting and purchasing from a potential technology vendor port found that 42% of respondents would use industry analyst reports during shortlisting phase, making it the most influential content type.
When looking at information sources, social media was found to provide little impact with 58% of respondents stating it had no influence during longlisting or shortlisting. On the other hand, 42% of respondents responded that sponsored content on social media would influence longlisting making it the second most influential form of content during this phase of the buying cycle.
CCgroup commissioned the specialist research agency, Sapio Research, to interview over 30 tier one (turnover over £500m) and tier two retailers (turnover between £30-500m). Respondents were all senior decision makers, responsible for the purchase of technology, equipment, software or services. All the companies spoken to have been involved in a major technology purchase in the last six to 12 months.
Other key takeaways from the research includes:
- During Longlisting:
o Web search (45%) and direct marketing (39%) are the most important source of influence
o Press releases (45%) and vendor whitepapers (42%) are the most influential content types
o Pure ability to meet RFP criteria (45%) and providing cutting edge technologies (42%) are the most influential “messages” and “capabilities”
- During Shortlisting:
o Industry consultants (48%) and internal business analysts (45%) provide the most influence
o Industry analyst reports (42%) and direct marketing (39%) are the most influential content types
o Value for money (65%) and flexible in adjusting to your needs (61%) are the most influential “messages” and “capabilities”
As online commerce continues to pull consumers away from ‘bricks-and-mortar’ retailers, both traditional and online merchants are under mounting pressure to invest in technology to deliver a better service.
Yet, despite marketing’s influence on retail technology buyers, most agencies and marketers are working ‘blind’ without the benefit of quantitative data to help them understand how retail buyers identify and select technology vendors.
“Tech-led internet giants like Amazon and Alibaba are becoming dominant players in the retail market. Whether you’re an online merchant or a high street retailer, technology is absolutely fundamental to success. From IoT to robotics to digital signage and personalised shopping, retailers are in a race to deliver a better customer experience while reducing suffocating overheads. But most retail tech companies are marketing blind,” said Daniel Lowther, Head of Fintech at CCgroup.
“We believe this report is the first and only piece of research to uncover what actually influences retail tech buyers. Understanding the sources of influence is critical in developing marketing and communications programs that drive the ultimate measure of success: sales.”