For centuries, advances in technology have forced evolution in the way we live and do business. Since the middle of the 20th century, change has been accelerating across the retail sector, with the adoption of increasingly sophisticated business models, products, services and technologies. The global COVID-19 pandemic threw this evolution into overdrive, as retailers found themselves needing to adapt and change faster and more radically than ever before, simply to survive. McKinsey observes, for example, that we have covered “a decade in days” in the adoption of digital. [1]
A new future of work has dawned, one that requires businesses to adapt to new expectations from their customers, employees and society. Seeking to remain competitive and agile to future threats and opportunities, retailers are asking themselves how best to address the following challenges:
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