The digital transformation of retail is accelerating. Traditional commerce and technology are converging in transformative new ways.
Like many industries, retail faces tremendous competitive pressure from new entrants whose rapid success derives from technological developments that are changing end-user expectations and behaviour. Innovative companies can thrive under this pressure by viewing competition from technology less as an obstacle, and more as an opportunity.
While there’s no doubt that the rise of online commerce has made it harder for traditional retailers to attract customers into stores, it’s also clear that in-store shopping is far from dead. There are certain qualities inherent to the in-store shopping experience that consumers don’t want to completely abandon as they remain loyal to the concepts of convenience and personalisation. This is causing innovative retailers to turn to disruptive technologies to keep customers happy and to ensure that brick and mortar shopping is at the forefront of the new consumer experience.
In this e-book First Data explore seven key trends in the digitalisation of Retail.