Last week I highlighted an article from Raconteur’s special report, The Future of Retail, about how retailers need to innovate in order to flourish in today’s challenging and competitive retail environment.
A subsequent article in the report, ‘Keeping Up with the Pace of Change in Retail’, explains that rapid transformation fueled by changing consumer behavior and digital technology has made predicting what lies ahead more difficult than ever. The most effective way that retailers can become more responsive and agile is technology. Embracing and investing in new technologies allows companies to create platforms for growth and enable new business model innovation.
Companies need to rapidly address the technology challenges that hamper their core business capabilities. Avoiding systems that take a long time to implement is important, as the longer the implementation takes the more change that will have occurred in the industry, potentially making the implementation all-for-not.
Retail executives need to be more digitally aware and informed to make the right decisions to become technology companies that also happen to be retailers. Companies also need a better understanding of the customer in real time to enhance personalization and provide a seamless purchase journey across all channels.
JustEnough’s industry leading retail planning solutions are helping companies worldwide to transform their businesses. Our end-to-end solution suite is easily and quickly implemented, ensuring companies can get up to speed and achieve results in a short timeframe.
Contact us to learn more. To read the full Raconteur article for more information, click here.