“Business intelligence is invaluable to today’s retailers, enabling teams to quickly pinpoint inefficiencies, spot new opportunities, and drive business growth,” says Broughton.

The ability to harness data effectively allows retailers to make informed decisions that propel growth.

“Our focus is on building a streamlined and unified commerce experience for merchants and developers, one that allows customer and inventory data to be easily consolidated in one place so it can be analysed and used to inform decision-making,” he says.

Shopify’s recent upgrade to its analytics dashboard exemplifies this commitment, offering retailers up-to-the-minute data to stay ahead of the curve.

With data now available in real-time, the new dashboard creates rich visualisations and new ways to curate data and customise reports, making it faster and easier to discover critical insights so retailers can make better business decisions, faster.

Pivotal role for investments

CTOs play a pivotal role in guiding their organisations through the complexities of technological investments.

“CTOs are often in the driver’s seat of a business’s technology and innovation journey, responsible for ensuring that investments in technology foster innovation and provide a competitive advantage,” says Broughton.

Shopify supports this by providing scalable solutions that reduce the need for extensive development work.

“We ensure our solutions are purpose-built to meet the unique needs of retailers and can scale with them as they grow,” he says.

Balancing costs and benefits of AI and automation

AI and automation are at the core of modern retail strategies, offering significant ROI by streamlining operations and enhancing customer experiences.

“Businesses are looking to do more with less, and we’re seeing a focus from retailers on exploring innovations like AI chatbots and robotic process automation,” says Broughton.

Retailers can experiment with AI at scale using platforms like Shopify, which come with “easily implemented features and apps that make use of the latest AI, analytics, and automation advancements”.

Choosing the right innovation partners

Identifying the right innovation partners is essential for retailers looking to stay ahead.

“It’s important to identify companies that can absorb innovation costs by providing frequent upgrades and out-of-the-box solutions rather than requiring custom builds,” says Broughton.

Shopify’s significant investment in research and development – over $1 billion last year alone – ensures it remains a leader in driving innovation. This can be seen in the hundreds of new products and product updates Shopify releases each year.

Moreover, with an expansive network of partners and over 13,000 apps in the Shopify App Store, retailers have access to a wide range of tools designed to work seamlessly with Shopify.

Ensuring internal adoption of new technologies

Successful technology adoption requires more than just implementation; it needs to be embraced by the entire organisation.

“Regular, hands-on training sessions play a vital role, along with continual upskilling to ensure that even non-technical employees can navigate the latest features and applications confidently,” says Broughton.

Shopify’s code-free customisation capabilities further simplify the adoption process, empowering teams without requiring extensive technical expertise.

Future of retail tech

AI and automation will continue to play significant roles in retail.

Broughton highlights several advancements, including AI image generation and editing capabilities, which have already seen widespread adoption among Shopify merchants.

“In January, we released AI image generation via Media Editor and saw merchants save over 1 million AI-generated images to their storefronts in just six months,” he says.

Please visit Shopify to download The Australian Retail Report 2024.