Digitalization doesn't just change individual businesses, it has an impact on the entire retail sector, enabling new and enhanced business models. Thanks to networked technology, the focus has changed from the product to the customer. Their requirements and wishes are at the foreground and make the current age the “Age of the Customer” for businesses. To do justice to this, brick and mortar retailers must play to their strengths – supported by digital solutions
The advantages of retailing are clear to see: tangible products, individual consultation, and a personal customer approach - nevertheless, the local store cannot remain the way it is. The customer's shopping experience has already begun at home, where they have already come into digital contact with your business on the couch, via the internet, or through the relevant app. Retailers are faced with the challenge of combining the advantages of brick and mortar business with a digital world of experience. Changing retail means using digital opportunities in your business too. This often requires an extensive digital transformation. The customer profits from this transformation through greater comfort and additional services - such as mobile payment via app or click & collect. The foundation for these is networked technologies and data analytics applications. This way, customer data, for example, can become a new resource for retailers. However, this requires a large degree of security.
All this makes one thing clear: brick and mortar retail is in the middle of the digital transformation. With an integrated omni-channel business model, it can continue to be competitive in the age of e-commerce.