The pandemic has forced retailers to embrace digital technology – and those that haven’t risk being left behind, says Greg Petro, CEO of First Insight.
The Covid-19 pandemic accelerated and magnified the digital transformation of every business profoundly and irrevocably. Some pre-pandemic ways of working may come back once we can safely gather together again, but many will go the way of the floppy disk.
According to McKinsey, Covid has pushed companies over the technology tipping point and transformed business forever. A new survey found that responses to the pandemic have sped up the adoption of digital technologies by several years – and many of these changes could be here for the long haul.
Retail is an industry that often relies on the old ways of working and the acceleration of digitalisation is an overdue disruption. The way people work has fundamentally changed and our bet is that the old ways retailers used to conduct line reviews will become a thing of the past.