Digital transformation has firmly taken hold of the retail sector. According to resent reports a huge number of global retail executives have a defined digital strategy in place. Retailers are leveraging digital technologies to better understand and connect with their consumers, giving customers reason to engage with them across retail channels.
The Internet of Things (IoT), big data, robotics, and augmented reality are some of the ways CEOs reveal they are choosing to invest their capital in the coming year to better compete. The investment in technologies are underscoring digital transformation causing a major undercurrent this year, which is no surprise, since retail CEOs understand just how important it is to invest in the technology that will improve the customer experience. The next wave of results also reveal the continued balancing act retailers are struggling to maintain with delivering superior omni-channel execution and profitability.
Globally, Chinese retailers are more likely to implement their defined digital transformation strategy than the US. Despite the obvious importance of having a digital transformation strategy in place, more than half of respondents have not defined or started implementing a digital transformation strategy yet.
Mobile-enabled applications, big data and use of social media data are the top technologies survey respondents are investing in or plan to over the next 12 months, while automation and IoT are lower on the list for investment but gaining momentum as they are perceived as true game changers.