Digital Transformation in Retail
Business goes through cycles of creative destruction and business evolves. Retailers that are unable to see threats or to strategically understand shifts in the market will not survive. However, those that are nimble—those that understand what is important and act quickly—not only survive but thrive.
News outlets continue to report the death of brick-and-mortar stores. The term retail apocalypse is being thrown around in the press. This is simply not true. The truth is, the retail industry is in disruption, and the rise of the empowered consumer is impacting every consumer-facing industry. But disruption does not equal apocalypse, and disruption in retail is not new.
The Sears catalog—with low prices and free shipping—disrupted Main Street shopping in the early 1900s. In the 1970s, Sam Walton built the most efficient supply chain in the world; passed those savings along to customers; and, in the process, became the largest retailer in the world. Amazon, in turn, brought that supply chain to the customer’s front porch.