Partner Article

Retailers must adapt to become technology firms

A new report released today from the Centre for Retail Research (CRR) provides further headline grabbing stats and evidence (if it were needed) that the British high street has changed irrevocably and will continue to do so over the next five years. One in five shops could close by 2018 (the equivalent of 62,000 shops) and online shopping will double to 22%.

For large retailers who have traditionally made up a significant proportion of the high street, survival means a new, innovative approach and creative thinking. Whilst online shopping continues to grow, managing a suitable hybrid / multi-channel strategy balancing online and offline, is essential. Retailers need to understand how they can best utilise their physical stores and integrate them with online strategies in the most cost effective way.

For example, look at retailers such as Argos who uses the stock in its shops to fulfill online orders and also uses its stores as a hub for customers to collect orders. Or Waitrose, which has announced concierge, hotel-style reception desks to help customers with their online purchases. It’s refreshing to see businesses like these already stepping ahead of the curve, making the much needed digital adaptations to their strategy to ensure that the risk of the high street demise isn’t such a threat to their success.

In a highly competitive market it’s crucial that innovation and investment in technology to drive business success are not ignored – a digital-savvy approach is a must. With the CEO, CIO and CMO in a strong position to turn this situation around in conjunction with the Board, it’s the only way to successfully roll-out such initiatives and counter the high street decline.

This was posted in Bdaily's Members' News section by Jacqueline de Rojas .