Retail major Tesco has outlined its plans to increase investments in the digital space as the overall retail industry battles declining sales in traditional stores. The company will plough in $750m into technology related investments, up three-fold from 2010 levels.
Investments will be channeled into launching and supporting a slew of digital and technology driven products and services, including digital music and book services in the UK - blinkboxmusic and blinkboxbooks. Expansion of online food shopping service into Bangkok and Shanghai as well as the launch of Clubcard service in China via a digital format are also part of the planned initiatives.
Speaking at the World Retail Congress in Singapore, Tesco CEO Philip Clarke said that the proposed services demonstrate the retailer's commitment to providing the very best entertainment to its customers in the easiest way possible. "Around the world, global e-commerce activity hit $1 trillion in 2012 - driven by a 33% increase in Asia Pacific. And this year, research suggests that Asia Pacific will overtake North America as the number one market for online sales.
"So the evidence is clear: this is a time of seismic change in our industry - and today I want to take my argument to the next stage," explained Clarke.
