Four-fifths (80%) of retail business leaders have declared that they are “enthusiastic” and “excited” about digital, with 86% of them believing that digital disruption will fundamentally change their sector by 2021, and 35% believing that their business won’t exist in its current form by that time either – a shift wholesalers have to be prepared for.
The Fujitsu research found that those questioned were not reluctant to adapt to this digitally-influenced retail landscape. 94% stated that they have already been impacted by digital disruption, yet 96% said that they are taking measures to ensure they are at the forefront of innovating and keeping up to pace with the digitally-disrupted world retailers now face. Over four-fifths (81%) have used digital disruption to invest in new technology, 52% have changed their business strategy, and 42% of retailers have invested in the development of new products and services.
However, thanks to the pace of retail, the landscape changes on a daily basis, and as a result, two-thirds (66%) of retail business leaders want their organisation to move faster when it comes to digital disruption, keeping ahead of their competitors and new entrants.
“Nowadays the level of customers’ expectations is at an all-time high, with the research even stating that customers are the biggest force driving digital disruption (50%)” said Rupal Karia, managing director for retail and hospitality, UK and Ireland at Fujitsu. “If retailers are to thrive in this ever-increasingly digital landscape, they are going to need to collaborate with technology partners that will help them to facilitate innovation and new services, which will ultimately help them enrich their customer service and differentiate themselves in such a competitive market.”
Additional findings included:
- Almost all (96%) of business execs say their organisation has already taken measures to thrive in a digitally disrupted world81% have invested in new technology
- 52% have changed their business strategy
- 42% have invested in the development of new products and services
- The most influential external force driving digital disruption are customers – selected by 50%
- 80% believe that digital disruption is a positive force on businesses and sector
- 98% in the sector said their organisation has already been impacted by digital disruption
The quantitative research was carried out in September 2016 by independent research company Censuswide, involving 1,180 decision makers within mid- to large-sized businesses across public sector, financial services, retail and manufacturing.