TABLE OF CONTENTS. 1 Introduction. 2 Top Findings. 3-4 Chapter 1: Who, What, Where & How Much

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1 LIGHTSPEED S ANNUAL INDEPENDENT RETAIL TECHNOLOGY ADOPTION REPORT 2016

2 TABLE OF CONTENTS 1 Introduction 2 Top Findings 3-4 Chapter 1: Who, What, Where & How Much 5 Chapter 2: Shifting Budget Priorities The Independent Retailer Bets Big on Tech 6 Chapter 3: Big Data: From Buzzword to Retailers Secret Weapon 7-8 Chapter 4: ecommerce + Brick & Mortar = Success 9 Chapter 5: The Customer Really is Number One and Retailers are Listening Chapter 6: EMV It s Time for US Retailers to Get Smart 12 Conclusion 13 About Lightspeed Other Retail Resources

3 INTRODUCTION In an increasingly competitive retail landscape, retailers are looking for ways to innovate and shift budget priorities to stay ahead. In a sea of new technologies and omnichannel challenges, one thing remains clear: retailers are optimistic about growth and ready to invest in the technologies their customers demand. Lightspeed conducted a survey of more than 1500 independent retailers to find out which technologies have made the biggest impact, and what retailers plan to spend more time and resources on in the coming year, laying out a roadmap for the future of retail success. 1

4 TOP FINDINGS Retailers are optimistic: 84% of retailers think revenue will be up this year and 42% plan to invest more in tech in the next year. Compared to last year, twice as many retailers are currently investing in technology that uses data analytics and software to make smarter buying decisions. Half of retailers (50%) predict that using data to make smarter buying decisions or to drive more personalized marketing will be their biggest source of increased revenue in the coming year. Half of retailers have online stores (50%) which is up from 38% last year a 23% increase. More than a quarter (27%) expect revenue from their online store to increase by more than 20% by the end of next year. Only 25% of retailers currently have a loyalty or rewards program, but an additional 30% plan to implement one by the end of Only 5% of retailers have fallen victim to a security breach, yet 75% are worried it will happen to them. U.S. retailers aren t ready for the EMV deadline, with the largest segment (25%) attributing this to lack of understanding of the technology and rules. When it comes to contactless payment, Apple Pay rules. By the end of 2016, 34% of retailers plan to accept it; 25% plan to accept Android Pay and 23% plan to accept Samsung Pay. 2

5 CHAPTER 1 WHO, WHAT, WHERE & HOW MUCH Between April 7 and 20, 2015, Lightspeed polled more than 1500 small to mid-sized retailers about their retail technology buying habits. Here s a snapshot of who they are: What they sell Number of locations 18% Apparel & Footwear 16% Bike & Sports 10% 4+ locations 69% 1 location 8% Books/Toys/Gifts 7% Electronics & Computers 46% Other 4% Pet 6% Home & Garden 5% Jewelery & Accessories 21% 2-3 locations Their revenue (USD) < $100,000 14% $100,000-$500,000 29% $500,000-$1 Million $1 Million-$5 Million 20% 23% > $5 Million 5% 3

6 Where they are located 4% Europe 18% Canada 69% United States 5% 4% Other How they use technology Australia/New Zealand What is their business outlook? *Expected revenue change for the coming year 19% Mobile POS device to check customers out on store floor 42% Sales data or analytics software utilizing data to make smarter buying decisions 31% ecommerce software: tools to help manage inventory & sell in both online & physical stores 22% Mobile POS device for inventory lookups on the store floor 22% Using data to drive more personalized marketing 16% Check-out system with customer facing display 7% Store-branded mobile app 3% In-store beacons 57% 13% 27% 2% Increase somewhat Increase substantially Stay about the same Decrease somewhat 4

7 CHAPTER 2 SHIFTING BUDGET PRIORITIES THE INDEPENDENT RETAILER BETS BIG ON TECH Overall, retailers technology budgets are modest, but the demands of increasingly tech-savvy consumers are motivating retailers to rethink their spending priorities. The independent retailer is alive and well, and they plan to invest more profits into technology that will further the growth of their stores. Technology budgets For retailers that are changing their in-store budget, the number one reason? 83% Have an in-store technology budget of less than $200 a month 64% Keeping up with consumer demands 20% Other 42% Say their budget will increase in the next 12 months 16% Amazon or local, similarly sized retailers Where are they spending their budgets? 35% 25% Plan to invest in datasupported marketing by the end of 2016 Plan to implement a mobile POS for on-the-floor customer checkout in the next 18 months 19% 34% Want to introduce a branded mobile app by the end of 2016 Expressed some likelihood to introduce in-store beacons at some point. Up 62% from last year 27% Will invest in a mobile POS for faster inventory lookups on the store floor 5

8 CHAPTER 3 BIG DATA: FROM BUZZWORD TO RETAILERS SECRET WEAPON Big data may be the buzzword of the decade, but 2015 is the year independent retailers really get smart about putting that data to use. They re also willing to walk the talk: when comparing year over year data, it s clear retailers put into effect the budget priorities they set out in Data analytics to make smarter buying decisions It s working! 42% 26% 23% 48% 42% have this in place and an additional 26% plan to add it by the end of 2016 In 2014 only 23% of retailers had this technology in place and 48% planned to add it Up 45% from 2014! 54% 50% 54% of retailers say that using sales data software to make smarter buying decisions has had the most impact on increasing sales revenue - more any other technology 50% predict that using data to make smarter buying decisions or to drive more personalized marketing will be their biggest source of increased revenue in the coming year Driving more personalized marketing This year retailers are turning their focus externally, using data to drive more personalized marketing 18% 22% 35% 22% already use data for personalized marketing 35% plan to implement by the end of next year, more than any other category 18% predict data personalization will be their #1 driver of increased revenue 6

9 CHAPTER 4 ECOMMERCE +BRICK & MORTAR = SUCCESS The independent retailer is doing a-okay: investments in both brick and mortar and ecommerce are planned to increase this year. Retailers are going online to increase their reputation and visibility first, but are increasingly optimistic about ecommerce being a key revenue driver in the coming year, and the majority predict their total revenue will increase this year. The Omnichannel Picture What s holding back independent retailers? 50% Have an online store today. An increase of 23% versus % Too time consuming and complex to maintain 46% Lack of business or customer demand 22% Plan to open an online store by the end of % Too expensive to implement and keep up ecommerce still a low revenue driver for independent retailers 10% 61% 17% say 0% of revenue comes from ecommerce say 1-10% of revenue comes from ecommerce say 11-30% of revenue comes from ecommerce The vast majority of respondants ( 71%) report that 10% or less of their revenue comes from online channels, but they remain optimistic. This is flat with % say 31-50% of revenue comes from ecommerce 7% say > 50% of revenue comes from ecommerce 7

10 Retailers are optimistic about ecommerce 84% of retailers expect revenue to be better this year than last year. When asked what will be the biggest source of increased revenue for their stores in the coming year, 39% said more online sales outranking inventory changes or a new marketing approach. More than half of retailers expect online revenue to increase by 11% or more in the coming year. Expected online revenue change in next year: 34% 25% 27% 14% Expect to increase by > 1-10% Expect to increase by > 11-20% Expect to increase by > 20+% Expect will stay about the same Adding fuel to the revenue fire 61% of retailers with an online store plan to increase their ecommerce budget. The number one reason? Cross-channel management still a major concern 39% Say cross-channel inventory management tools is in their top two technologies to help drive revenue 46% To increase company visibility 21% To meet customer demands 22% To stay competitive 31% Already use technology to manage inventory across their online and in-store channels 29% Plan to adopt cross-channel technology by the end of

11 CHAPTER 5 THE CUSTOMER REALLY IS NUMBER ONE AND RETAILERS ARE LISTENING Across the board, when retailers were asked why they made various decisions about opening an online shop, increasing a budget or adopting new technology tools, their customers were the number one factor in these decisions. Smart retailers always put the customer first, but the numbers back up this customer-service truism: when it comes to adopting new technology or increasing budgets, the number one reason was anticipating or responding to customer needs, which ranked above the motivation to outperform competitors both big and small. Elevating the customer s in-store experience Of those that plan to increase their in-store budget, 65% of retailers know their consumers will demand technologies like mobile check-out stands or new ways to pay. Retailers are much less motivated by competition. Only 16% cite Amazon or local, similarly sized retailers as a top concern. 25% Plan to invest in a mobile POS to check customers out faster on the store floor 27% Plan to invest in a mobile POS that will let them quickly look up inventory while on the floor Three of the top technologies retailers plan to implement by the end of 2016 directly relate to elevating the customer experience 22% Plan to invest in a check-out system with a customer facing display Loyalty programs continue to grow 25% Currently have a loyalty or rewards program 30% 17% Plan to implement one by the end of 2016 Indicated that an increased focus on loyalty programs will be in their top 2 revenue drivers in the coming year 9

12 CHAPTER 6 EMV IT S TIME FOR US RETAILERS TO GET SMART With the deadline fast approaching, there s a surprising lack of urgency and education on the part of US retailers to get smart about EMV technology implementations. They re worried about a security breach but don t seem to understand that an EMV technology implementation can keep them safe. This lack of understanding presents a significant barrier to adoption and may leave some retailers subject to costly fees if a security breach happens, or even losing customers that expect their favorite store to be Chip and PIN ready. Getting EMV ready US retailers that already implement EMV/Chip and PIN ready payment technology 18% US retailers that indicated they either have no plans to implement EMV or were unsure of their plans 45% Top reasons for not implementing EMV 25% Lack of understanding of the new rules or how to accept EMV payments 18% Blame the hassle or cost of switching their payments hardware as another reason to put this off 17% Have never even heard of EMV 10

13 Misplaced worry Retailers may be worried about security hacks, yet are in no rush to implement EMV technology, which will protect their businesses from costly payments fraud. 5% Have experienced a security breach 75% Worried it will happen 75% 5% Getting into the Mobile Payments Game 9% Currently accept Apple Pay Plan to accept Apple Pay by the end of next year 40% 34% 23% 25% Plan to accept Android Pay by the end of next year Plan to accept Samsung Pay by the end of next year No plans to ever accept Apple Pay *The number one reason is that customers aren t asking for it (51%) 11

14 CONCLUSION While EMV and mobile payments adoption may present an obstacle in the coming months, retailers have still shown they re focused on modernizing and investing in the right technologies to keep their customers happy and make smarter, databacked decisions. The majority of independent retailers have modest budgets (82% of retailers have a technology budget of less than $200/month), so they are looking for affordable technologies to help them improve their stores and process and drive revenue now. In an open-ended section that asked retailers about their biggest concern for the next 12 months, attracting new customers and maintaining cash flow in the economy were consistent themes. Despite these concerns, retailers are putting their faith and budgets into technology. From increasing online investments, adopting new technology and investing in new data programs, retailers are putting money into solutions that help them make a more direct impact on their customer, anticipating their needs and ensuring an even better in-store and online experience. 12

15 ABOUT LIGHTSPEED At Lightspeed, we build end-to-end commerce solutions that retailers can use to build, manage and grow their businesses by creating better shopping experiences. We do it by unifying point of sale, inventory management, customer management, and analytics across all channels, in-store and online. More than 22,000 businesses use Lightspeed s tools to sell over $9 billion a year. Start your free trial at LightspeedPOS.com Questions? Call us at or Free Trial LightspeedPOS LightspeedPOS 13

16 OTHER RETAIL RESOURCES The Inventory Guide Best practices for inventory management. Increase profits, keep the right goods in stock, and run a better business. Click to download The Independent Retailer s Guide to Buying Inventory Intuition meets data in this free guide to making the best buying decisions for your business. Click to download Click to download 8 Secrets to Steal from the World s Most Innovative Retailers Learn the secrets that are fueling success at some of the world s top retailers, & how you can apply them to your store. 14

17 POS Buyer s Guide Shopping for a new POS? Here are 9 questions to ask to be sure you choose the best one for you and your business. Click to download KPIs for Managing Your Store The 12 Key Performance Indicators you need to know and why! Click to download Hiring Best Practices Learn how to hire and keep great retail employees. Click to download 15

18 lightspeedpos.com

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