Digital Transformation in the Global Retail Sector
This research service is part of Frost & Sullivan's Integrated Commerce Research Programme. It provides an original perspective on how technology trends, MegaTrends and industry trends are driving the digital transformation of retail. The rise of eCommerce, online marketplace platforms, and subscription models, for example, have been complementing, but also disrupting and eroding traditional retail.
Bricks and mortar retailers must respond to the challenge by embracing technology to enhance their physical assets to efficiently create an seamless personalised, immersive, and multi-sensorial shopping experiences.
Technology is becoming pervasive and is ‘transforming every company into an IT company’ as the saying has been for some years. Considering that the most important driver for companies to engage in this digital transformation is the need to improve the customer experience, retailers as the archetypal customer-facing industry are particularly exposed to escalating expectations driven by digital technology, online and integrated omni-channel commerce.
Retailers that fail to embark on a holistic and reasoned engagement with emerging technology that is reshaping and upending the industry will fall behind. They will become unable to meet their customers’ expectations and fade into irrelevance or fully perish.
This research service takes retailers and other readers on an exploratory journey through technology and technology-related changes in the retail environment to provide orientation in this fast-evolving environment.
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