In 2013, Marc Andreessen predicted the death of brick and mortar retailing as we know it. Changing consumer behavior and increasing competition from non-traditional players are compelling brick-and-mortar stores to undergo a digital metamorphosis. Retailers are making significant investments in the shift from the Internet economy to what we call the ‘Digital consumer economy’. The digital five forces – Mobile and Pervasive Computing, Big Data and Analytics, Social Media, Cloud Computing, and Artificial Intelligence and Robotics are maturing and accelerating this tectonic shift.
Even as digital disruption percolates brick and mortar stores, a lack of clarity on this transformational approach and the path to achieving it continues to prevail. ‘Digital Reimagination’ is the key to survival of stores. In this edition of Forum, we introduce you to our approach to Digital ReimaginationTM, leveraging the digital five forces to reimagine retail. We also share our perspective on the changing role of stores and the need to embrace digital technologies to drive transition from mere survival to revival.
A quick preview of this issue’s line-up:
- The balance of power is shifting from the retailers to their customers, as the latter become more connected and demanding. Reimagining Retail: The Digital Imperative examines why retailers must reimagine their business processes and models to engage and connect with the new digital customer.
- Are clicks really killing bricks? The prospect of endless product aisles and the convenience of buying anytime, anywhere, are luring even the most steadfast in-store shoppers to switch loyalties to the online model. Restore the Store: Strategies for Brick-and-Mortar Survival and Resurgence presents our perspective on how pure brick and mortar retailers can emulate Mother Nature’s tactics to stay relevant and succeed in a digital world.
- Do you want power your store with a next generation commerce platform? In Universal Store Commerce: More than a Digital Experience, we discuss today’s store commerce capabilities and how retailers can build a universal store commerce solution—one that enables a seamless, personalized, and consistent omni-channel shopping experience.
- Are you turning to the cloud to rebuild core retail capabilities? Are you leveraging advanced analytics for better decision making? Global Retail CIO Agenda 2014: Taking on the Digital Paradigm Shift, based on the TCS-Forrester global retail CIOs survey, presents our findings on why retail CIOs must shift focus from cost savings to differentiation to lead the innovation agenda.