MAY 2019retailtechinsights.com8 | | 8 May 2019retailciooutlook.comIn My OpinionRetailers 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.Increasing Pressure on the Retail ModelOne 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. Focus on Agile TechnologyThe first step is to migrate the current budget and focus expended on maintaining legacy commodity systems to a model that is focused on advanced, agile systems that drive a distinguishing customer experience and/or improve margin. Moving commodity systems such as finance, HR, asset protection, network, mobile device management and monitoring to a SaaS model is a critical first step. In addition, the business needs to refocus (not eliminate) resources onmigrating the distinguishing business-focused systems to a more agile technology platform. More efficient technology and processes are critical to enable retailers to adapt quickly and anticipate rapidly changing retail dynamics. With a narrower set of internally supported applications, retailers have a greater focus on the key systems that have the greatest By Perry Kramer, SVP and Practice Lead , Boston Retail PartnersDelivering an Elevated Customer Experience Requires an Agile Retail Technology Platform
< Page 7 | Page 9 >