Survival in an evolving, highly competitive marketplace requires more than just hitting one’s quarterly numbers and making incremental enhancements. It requires evaluating the existing business processes, brutally identifying weaknesses, sharply improving efficiencies and, importantly, converging innovative technologies with new capabilities according to a digital transformation game plan.
100% of retailers believe they are engaged today in a major digital transformation game plan.
The concept of digital transformation has been around for several years and the discussion points can often seem a little vague – agility, customer-centricity, omnichannel, unified commerce, intentional innovation.
In this Custom Research report, however, we want to be clear. We are referring to the increasing digitization of the store that goes beyond POS and transactions. True digital transformation also includes digitally empowering a host of in-store, back-office and customer-facing capabilities.
When viewed from this perspective, we find that 100% of retailers believe they are engaged today in a major digital transformation game plan. This shows up as 0% of retailers who say that digital transformation is not on their radar. Rarely does 0% carry this much meaning.
If there was any doubt about the buzziness of digital transformation in retail, then this finding puts it to rest.
• The top three areas of store operations that will be profoundly changed by digital transformation are: in-store marketing/promotions chosen by 63% of retailers, store and product merchandising at 57%, and inventory management/replenishment at 50%.
• The top four software applications that will be profoundly changed by digital transformation are: promotions management chosen by 63% of retailers, analytics/BI 57%, and loyalty programs at 53%.
• The primary owner of digital transformation in today’s retail organization is the CIO chosen by 30%.
• The estimate of ROI for digital transformation is either two or three years, which were both chosen by 37%.
Check out the infographic for more stats and insights!
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