The increasing and inevitable digital transformation is effecting many business around the world and has been a huge game-changer for many. This indeed includes the retail business that has gone through a bit of a change the past century. In UK almost 6000 stores had to close their doors in 2017 and in the same year the numbers of spending on online-shopping grew.
This digital transformation is also what is called the “Amazon effect”, which has made the ability for the consumer to go online and purchase whatever they like while staying at home having to do absolutely nothing. Accessibility is one of the costumers number one priorities these days due to this effect that has made everything more reachable and made shopping so much easier than before.
Although this transformation has had a bad influent on many retail business it has also had a good on others. In the US many business managed to embrace digital transformation and for every store that closed in 2017, 2.7 new ones opened.Those who managed to see the possibilities that the digital transformation has brought along and used it as an advantage survived and grew with it. If you’re being innovative Digital transformation gives you great opportunities to have more accessibility to your costumers through apps, newsletters, messages etc. and remind them of your existence.
So how is the retail business being effected?
The retail business is not dying but it’s definitely being forced by the digitalisation to change strategies to stay competitive and attractive to the costumers. As a retail business you must therefore make yourself easily accesable for the costumers and at the same time stay relevant and create values that will want the costumers to still come to your physical store.