2023 KPMG US Consumer and Retail Sector Insights Report
Investments in digital transformation continue to alter the landscape of the consumer and retail sector, with mixed outcomes.
Meticulously Ambitious
In May and June 2023, KPMG surveyed 400 US-based executive-level technology leaders across 8 industry sectors with annual revenue above $100 million. The 2023 KPMG US Technology Survey Report explored technology leader views on emerging technology goals, adoption, scale, roadmaps and outcomes. This consumer and retail industry report highlights the most significant differences in the survey findings for the technology leaders in the consumer and retail sector relative to all sectors represented in the survey.
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2023 KPMG US Consumer and Retail Sector Insights Report
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Key findings
- The KPMG 2023 US Technology Survey reveals that fewer than 4 in 10 consumer and retail companies have seen increases in profitability or performance over the last 24 months from their investments in five key tech-related areas: AI and automation, cybersecurity, virtual reality/augmented reality, and data and analytics.
- Challenges to better results, senior technology executives say, include transformation fatigue, the complexities of managing an expanding ecosystem of partners and vendors, and internal shortcomings around governing and coordinating digital transformation initiatives.
- Only 39 percent of consumer and retail executives report profitability or performance gains from their investments in AI and automation, for example, versus 46 percent of all survey respondents.
- However, the picture isn’t entirely bleak. Organizations have seen the biggest gains from their technology investments—gains of 11% or more in profitability or performance.
- 28% of executives say digital transformation outcomes have significantly enhanced customer engagement.
2023 KPMG US Technology Survey Report
The key to digital transformation is people, process, technology, and data. You can get everything else right, but if you don’t have the data, you won’t have a clear view of how your business is doing.
Sam Ganga
National Consulting Leader, Consumer & Retail, KPMG LLP
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