CIO Review – According to Perry Kramer, SVP and Practice Lead at BRP, retailers that are thriving—and there are lots of them—anticipate and react to consumers’ demand for an enhanced and continuously changing retail experience. Retailers that have successfully anticipated the changing customer experience have created a technical platform, with the supporting process changes, that allows them to react quickly enough to stay ahead of a new set of customer expectations in an increasingly competitive digital retail environment.
One of the greatest hockey players ever, Wayne Gretzky, said “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” The retailers who are profitable and continuing to grow are executing this same philosophy.
The pressure on physical stores continues, as more than 7,100 retail locations have closed this year and additional closures are expected after the holiday season. With an estimated 15 percent of holiday shopping moving to digital this year, the competition for share of wallet has become more intense than at any point in the digital retail era. As retailers shift more of their sales online, additional pressures are exerted as retailers deal with the lower margin generally associated with digital sales and the need for modified business process, organizational and technology changes to remain competitive.
For retailers to succeed in the future, they must transform their business with agile technology and new processes that adapt to current and future customer expectations. Retailers don’t have the luxury of time. They must act now to survive.