Executive Briefings

In Retail, Technology Transforms Supply Chain, In-store Operations, Customer Outreach

Easier access to information is pushing the retail sector closer to what 18th century economist Adam Smith described as "perfect information" -- the idea of having equal information from all providers in order to make a choice.

In effect, this is creating equal pressures for all retailers. As a result, it is no longer sufficient to solely compete on price; retailers that are one step ahead think of the entire customer journey and satisfaction. The blurring of the lines between retail and other industries, such as telco and financial services, are also having a significant impact on the competitive dynamics of the sector.

Three main areas where technology is transforming retail include supply chain, in-store operations, and customer outreach. The technology footprint leading this transformation is impacting many stages of the retail chain; from back office and enterprise systems, to many customer-facing functions such as payments, loyalty programs and customer services.

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In effect, this is creating equal pressures for all retailers. As a result, it is no longer sufficient to solely compete on price; retailers that are one step ahead think of the entire customer journey and satisfaction. The blurring of the lines between retail and other industries, such as telco and financial services, are also having a significant impact on the competitive dynamics of the sector.

Three main areas where technology is transforming retail include supply chain, in-store operations, and customer outreach. The technology footprint leading this transformation is impacting many stages of the retail chain; from back office and enterprise systems, to many customer-facing functions such as payments, loyalty programs and customer services.

Read Full Article