Video: Retailers are turning into tech companies

The strategic importance of technology as a competitive differentiator for your core business should not be underestimated, according to three of Australia's top retail IT leaders.

This is why online retailer Kogan, Boost Juice parent Retail Zoo, and automative retail and services company Inchcape all chose to build their own core technology platforms instead of purchasing one off the shelf.

Buying a commercially available platform that your rivals probably also use puts you on the same footing and leaves you locked in to the same cycle of developments and upgrades, warned Kogan CTO Goran Stefkovski.

Benefits can also flow - in Inchcape's case - from being able to then on-sell your platform to others in your industry if you've managed to fix a problem that many others experience.

The three IT leaders were all finalists in the iTnews Benchmark Awards Consumer category, and spoke at the awards' panel sessions on how to use technology to give your core business a competitive edge.