Posted 3rd September

‘Worrying’ number of retailers unprepared for future

3rd September 2019 - 15:32pm
money matters, retailers, digital, transformation, business, strategy, planning, consumer, habit, spending, kbb, kbbdaily

A new report by e-commerce agency PushON has found that a “worrying” number of retailers are not actively preparing for the future, with 35% admitting to having no business transformation strategy in place “for the rise of digital technology and changing consumer habits”.

The survey – which questioned the UK’s top 100 retailers – found that 20% have not invested in developing the digital side of their business in the past year. Of the retailers that do have a strategy in place, less than 30% said they are currently “progressing well” with the transformation.

Only a quarter of those questioned said they believe that digital transformation is “crucial for them to survive in an increasingly competitive retail market”.

PushON – which conducted the survey as part of its ‘Preparing for the future of retail’ report – also questioned 1,000 consumers to “establish whether retailers are investing in the digital developments that their customers really want”.

More than three quarters of consumers said they don’t think the majority of retailers are “doing enough to keep up with digital trends and changing consumer expectations”.

“Despite the rise of e-commerce and growing demand for omni-channel retailing over the past few years, it seems that a large number of retailers are still ignoring the need to implement a digital transformation strategy,” said PushON managing director Sam Rutley.

“Doing so will be crucial when it comes to keeping up with rapidly changing consumer demands, with shoppers’ expectations now higher than ever before, thanks to the rise of Amazon and other e-commerce trailblazers.”

Rutley added: “While it’s reassuring to see that 65% of retailers have given the issue some thought, the results of the survey make it clear that customers are still feeling disappointed with the lack of progress made by many businesses, showing that more needs to be done – and fast.”

Read the report:

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