Target Corporation – Digital Transformation Strategies
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Target Corporation Digital Transformation Report Overview
Target is leveraging AI and data analytics technologies as a part of its digital transformation strategies. The annual ICT spending of Target was estimated at $2.7 billion in 2023. A major share of this spending is earmarked for acquiring software, network and communications, and ICT services from vendors. Target Corp (Target) is a retailer of general merchandise and food products. The company’s product portfolio comprises baby and beauty products, clothing, electronic equipment, furniture, grocery, home and pet products, school and office supplies, shoes, sports and outdoor products, toys, and sports equipment. Target also offers optical, clinics and other amenities, home delivery, photo printing service, rewards, and gift card services.
The ‘Target Digital Transformation Strategies’ report will act as a reference point to understand the company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. The information included in these reports is sourced from a mix of our very own internal database and authentic secondary research links such as the company’s annual report, presentations, press releases, etc. The report covers an overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, partnerships, investments, acquisitions, and ICT spending among others.
Total ICT Spending 2023 | $2.7 billion |
ICT Spend by Function | Communications, Data Center, Network, Application, End-User Computing, Service Desk, and Management |
ICT Spend by Channel | Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems Integrators |
External ICT Spend by Segment | ICT Services, Software (Including Cloud SaaS), Hardware (Including Cloud IaaS), Network and Communications, Consulting, and Others |
Technology Theme Focus | Artificial Intelligence, Big Data, Cloud, Robotics, IoT, and Payments |
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Digital Transformation Strategies
Target is focusing on driving sales from digital channels. For instance, it has been striving to develop a digital assistant for its mobile application, which provides recommendations to customers based on their search patterns and purchase history. The retailer has already been leveraging customer data analytics to predict the potential requirements of customers. For regular shoppers, it analyzes shopping patterns to predict various scenarios and recommend products to that customer.
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Target Technology Theme Focus
Target is utilizing several emerging technologies including artificial intelligence, big data, cloud, robotics, IoT, and payments to enhance operational efficiency and product offerings.
Target Technology Focus
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Target Technology Initiatives
Target has been involved in several strategic technology partnerships and collaborations, technology developments, and rollouts over the past few years. For instance, Target joined hands with Clockwork to install automated robotic machines that leverage artificial intelligence and 3D printing technologies for painting nails for customers. The service enables customers to place their fingers in the indicated area, while cameras in the machine take pictures of the nails, to create a 3D point cloud visualizing the shape of the nails. This information is then used by algorithms to figure out how fast the machine’s polish-dispensing pipette should move to paint nails.
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Target ICT Spend by Function
- Communications
- Data Center
- Network
- Application
- End-user Computing
- Service Desk
- Management
Target ICT Spend by Function, 2023 (%)
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Target ICT Spend by Channel
- Internal Development and Maintenance
- Technology Vendors (Direct)
- Local Resellers
- Telcos
- ICT Services Providers/Consulting Firms
- Specialist Outsourcers
- Systems Integrators
Target ICT Spend by Channel, 2023 (%)
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Target External ICT Spend by Segment
- ICT Services
- Software (Including Cloud SaaS)
- Hardware (Including Cloud IaaS)
- Network and Communications
- Consulting
- Others
Target External ICT Spend by Segment, 2023 (%)
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Scope
This report provides:
- Insight into Target’s technology activities.
- Insights of its digital transformation strategies and technology center and innovation program.
- Overview of technology initiatives covering product launches, partnerships, investments, and acquisitions.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets and major ICT contracts.
Reasons to Buy
- Gain insights into Target’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various product launches, partnerships, investments, and acquisitions.
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Table of Contents
Frequently asked questions
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What was the total ICT spending of Target in 2023?
The annual ICT spending of Target was estimated at $2.7 billion in 2023.
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Which function accounted for the highest ICT spending for Target in 2023?
Network accounted for the highest ICT spending by function for Target in 2023.
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Which channel accounted for the highest ICT spending for Target in 2023?
Internal development and maintenance accounted for the highest ICT spending by channel for Target in 2023.
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Which segment accounted for the highest external ICT spending for Target in 2023?
Software accounted for the highest external ICT spending by segment for Target in 2023.
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What are the key technology themes in focus for Target?
Artificial intelligence, big data, cloud, robotics, IoT, and payments are the key technological themes in focus for Target.
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