Historically, retail has been product-centric in nature, with retailers focused on maximising the profit margin during the process of sourcing goods from suppliers and selling them on to customers. However, this model is no longer sufficient in a demanding and competitive retail environment. Gone are the days that businesses dictate terms of purchase and engagement to customers. Instead, businesses need to stay ahead of the game by innovating faster than their competitors, adapting to the demands of customers, and moulding to movements and disruptions in the market.
Achieving this is no easy feat, with retailers needing to invest heavily in turning their businesses into agile and customer-centric entities from the inside, out. Retailers now need to focus on digital transformation, implementing agile project management methods, enhancing staff competencies, creating agile supply chains, managing and interpreting data better, and digitizing the business both within and along touch points of the consumer journey. Traditional retailers need to adapt or risk the same fate as the dinosaurs before them: extinction.