From mobile to social, the rapid adoption of digital technologies, devices and services by consumers is reshaping our entire economy.
We’ve observed three factors in this trend:
- First, industry leaders don’t seem to grasp how fundamentally transformative digital technologies are and don’t see a need for digital innovation.
- Second, they completely underestimate how digitally sophisticated modern consumers are—and how their expectations are increasing.
- Third, they seem unable or unwilling to transform their organizations to adapt to this new digital world. One such industry undergoing significant transformation due to digital is retail. Whether it’s to check reviews, compare prices or determine availability, most consumers go online before they shop. These online interactions determine what, how and where consumers shop.
Shoppers want selection, purchasing options (online or in-store), price competitiveness and excellent online service—throughout the buying process and even post-purchase. And they want it across all digital channels and on all their devices. In the coming years, we’re betting that no large retailer can thrive, let alone survive, without seriously upping their digital game and meeting the increasingly high expectations of their sophisticated customers...