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Retail`s information technology spending is set this year to reverse last year’s decline, building the base for growth of 5.4% a year for five years.
Information technology spending in the retail industry is set this year to reverse last year’s decline, building the base for five years of increases at a rate of 5.4% a year, reports researchers IDC. IDC says retail IT spending fell 3.4% last year from the year before. Retailers will spend $29.6 billion on IT in 2007, IDC says.
"The retail industry ended 2002 much weaker than it began the year," says Christopher Boone, program manager for IDC`s United States IT Opportunity: Retail and Wholesale program. "IT budgets were negatively impacted as the year progressed and retailers struggled to manage costs and meet profit goals. Despite the setback in 2002, we expect retail IT spending to resume growth in 2003 and beyond."
Retailers’ IT spending will focus on solutions that improve their margins and that can be implemented in a short time frame with a measurable return on investment.