New technologies such as blockchain, AI and IoT platforms are exciting for retailers, but many companies are not achieving the ROI they had hoped for.
This is according to a GetApp survey of 301 retailers, in which 65% say the new martech inspires them to do their best job, but almost half (49%) admit to facing challenges with these so popular technologies, including integration issues , managing complications and cost.
It can be risky to invest in new technologies. GetApp’s research sought to find out how these new technologies fit in with well-established technologies by measuring ROI and identifying strengths and challenges.
The time frame of ROI can vary significantly, so companies need to plan their investments accordingly. These new technologies are rated highest among ROI generators within two years: chatbots (69% of marketers report ROI in less than two years), virtual reality / augmented reality (60%), and AI / machine learning (59 %). In contrast, positive returns on blockchain technology last the longest: 42% of marketers who use this technology say it takes 2-5 years to generate a positive ROI.
Marketing professionals are adopting new technologies, even if it takes time to generate ROI. The most popular emerging technologies are voice search (59% of marketing has invested in this technology in the last 12 months), IoT platforms (53%) and chatbot technologies (49%). Overall, marketing experts say new technologies can help improve the user experience, offer a competitive advantage and create improved products and services.
Despite interest in new technologies, 58% of marketers still believe that there are realistic alternatives to new, new or disruptive technologies that need to be considered. Surveyed marketing experts say well-established technologies such as social media management, customer relationship management and marketing automation platforms are more valuable in meeting marketing goals compared to new technologies.
Meghan Bazaman, senior marketing analyst at GetApp, said: “The new martech is exciting because it could give retailers a huge competitive advantage. However, it’s important to take a step back, set expectations, and assess business priorities before you jump in. Companies should also be willing to play a long game because a positive ROI for these investments takes time. ”
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