Technologies as a factor for growth and as a challenge
Know yourself. Know your customer. It seems logical and clear, however in view of today’s dynamically changing retail industry, traditional business models and customer segments can no longer be taken for granted. Technology has blurred the lines and created a retail industry open for business anytime, anywhere and in any way the customer prefers. Technology innovation stirs up expectations for a brighter future of the retail industry. This is confirmed by a KPMG survey which indicates that technology is paramount to driving growth and enhancing customer engagement. Retailers are increasingly relying on data and analytics to identify new markets, new strategies and new operating models to generate growth and profitability. Meanwhile, customer data and analytics, as well as understanding and using information collected through social networks are regarded by retail executives as important challenges.
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