Retail companies investing in e-commerce
With more consumers purchasing products and services online, CEOs of retail companies are most interested in expanding their business' e-commerce presence.
According to a recent survey of U.S. and Canadian retail CEOs by PricewaterhouseCoopers Canada Retail Consulting Services, 90 percent of companies will increase their use of e-commerce, with 47 percent of retailers expecting e-commerce to be 6 to 10 percent of sales within five years.
"While we saw a flurry of [mergers and acquisitions activity prior to the recession, now retailer growth strategies are being driven by organic opportunities like international expansion and e-commerce," said Antony Karabus, PwC Canada retail consulting services leader. "Retailers are increasingly focused on growth strategies that differentiate them and provide new, exclusive and differentiated value, thus providing a more compelling proposition to keep customers coming back."
Additionally, 62 percent of CEOs said they planned on increasing use of social networks.
With retail businesses investing more in online buying and social media, customer security will be a heightened issue moving forward, experts say. According to another recent survey by a leading security company, 70 percent of consumers either don't shop online or are extremely worried about data security when browsing the web.