With the retail industry in perpetual flux, there’s no rest for the weary. Traditional retailers are vulnerable to disruptors from within and to a barrage of external forces beyond their control. The last thing they should do is hunker down and wait for things to settle. Because they never will.
The challenge (and opportunity) for retailers is to strengthen digital capabilities while fully harnessing the physical model they’ve built over decades. This is a profound transformation that requires a reset of every aspect of the business—people, process and technology. All while navigating environmental, social, and governance (ESG) implications.
What does that mean in practice? We’ve identified six imperatives—consumer offerings, channels, fulfillment, sourcing, talent, and data—that we believe are essential to enable retail success and growth.
It’s time for retailers to demonstrate the resilience and creativity that have been hallmarks of the retail industry for years. Let retail’s responsible reset begin.
