The future is digital, but more than a third of UK retailers are failing to adapt.
That’s according to new research by e-commerce agency PushON, which found that 35% of retailers do not have a business transformation strategy in place for the rise of digital technology and changing consumer habits.
What’s more, 20% haven’t invested anything in developing the digital side of their business over the past year.
The internet and mobile shopping have changing the retail landscape forever, PushON explains in its Preparing for the Future of Retail report. Between December 2008 and December 2018, internet sales increased from 5.8% to 20% of total retail sales in the UK, while the UK mobile commerce market is expected to double by 2022, reaching a total value of £243.7bn.
Although 81% of UK consumers believe that brick and mortar shops are still vital to the shopping experience, consumers now expect to be able to browse and purchase via an ever-growing range of channels.
Those retailers without a digital transformation strategy in place need to start urgently planning for the future or risk losing customers to more forward-thinking competitors, PushON says.
Successful digital transformation isn’t just about implementing new technology, it requires whole business transformation. For example, in order to provide a variety of delivery options to customers, retailers must look closely at every aspect of their business, including their supply chain, and ensure it’s ready.
And with advanced technologies like AR and VR not yet a deal-breaker for consumers, PushON said this gives retailers time to focus on getting the basics of their digital transformation right first.
Download our Next-generation connectivity report to learn more about how next-generation internet connectivity and new technologies will transform retail and other sectors.