Signaling a consensus that the worst is behind them, 58 percent of the 318 retail executives surveyed report that cost reduction/cost containment will remain a companywide strategic initiative, down from 81 percent in 2010.
One dramatic change is that 69 percent identified mobile e-commerce or m-commerce as a strategic initiative, up from only 28 percent a year ago.
"It's quite obvious retailers are anxious to put the recession behind them and build upon their customer service initiatives, enhance their mobile platforms and even grow their footprint," said Katherine Mance, Executive Director, NRF Foundation, in a press release. "As we move forward in 2011, retailers will strive to keep costs low, but will also continue to focus on providing positive and unique shopping experiences for their customers. This year's report paints an encouraging picture of the coming year for both retailers and consumers."
Among other findings:
- About three-quarters (74 percent) of retailers in 2011 will increase their consumer insight and data gathering initiatives, up from 65 percent in 2010.
- Seventy-nine percent of retailers report using Twitter, up from 61 percent in 2009. An additional 18 percent plan on using the social networking site for their e-commerce program during the next 18 months.
- In reviewing customer insight initiatives, 78 percent of the execs ranked customer loyalty programs first, up from 65 percent a year ago.
- Three-quarters said customer service would be a top priority in 2011, up from 56 percent.
- Eighty percent of retailers surveyed said leadership development will be a top priority in 2011, up from 69 percent in 2010.
- Among supply chain initiatives, greater focus will be made for optimizing
the distribution network, increasing from 38 percent in 2010 to 52 percent
in 2011, and for cross-docking, up from 17 percent to 24 percent.