Industries

Retail

Thriving in the new state of customers:
digital & green

One of Digitopia's founding industries, Retail, is an industry that faces both ever-changing opportunities and challenges simultaneously. The overall lifetime of any company worldwide is down to 20 years in 2021 from an average of 30 years in the 1990s, and this decline has been steady since 2015. In the retail industry specifically, this lifespan drops to 10 years. But this general trend does not have to apply to your company… If you pace your organisation according to its age with the right toolset.

Changing Customer Behaviour

Environmental changes and challenges, the climate, viruses, new working conditions, etc. All of these force customers to change their lifestyle and, accordingly, their shopping behaviour. As retailers of the world, we need to adapt to new world conditions. The ever-valid rule of nature applies: Survival of the fittest.

As retailers, we need to cover every inch of the available shopping channels. Omnichannel is a reality of today, and “Omni” widens its scope every day: Brick & Mortar, Web, Mobile, and now the Metaverse.

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Changing Competition

The competition arena is blurry. Back in the 80s and 90s, it was easy to monitor your competitors: you shared physical proximity for the most part, and mainly used the same strategies or tools to compete. Back then, there was the concept of entry barriers reinforced by heavy “physical” assets.

The realities of today’s competition are totally different. Did the Swiss Watch industry see Apple coming? They took over more than half of their market, beating them in design, functionality, brand image, and most importantly, retailing.

We, as an industry, need to stay vigilant and ahead of the game in all areas when facing upcoming changes. This requires a true transformation. This is business evolution.

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The Toolset

The new state of customers, which is digital and sustainability-conscious, involves more understanding of the customer and shapes our retail organisations accordingly. The new competition rules also force us to be digitally savvy and environmentally conscious as organisations. Digitopia developed a collection of the necessary tools to enable your company to lead the way in the next era: Business Impact Platform.