Disruption is nothing new in retail. Recent events have shown us how difficult seeing around the corner can be.
While restrictions, health mandates, supply chain challenges, and shifting consumer behavior have been at the forefront, those retailers with an appetite for business-wide transformation and digital acceleration have been able to use these challenges to accelerate change that would have typically taken three to five years.
In fall 2021, KPMG surveyed consumer and retail CEOs on their top priorities to address the rapidly changing retail landscape. Among these priorities:
- A total of 74 percent plan to increase investment in new disruption detection and innovation processes
- 64 percent plan on joining industry consortia focused on the development of innovative technologies
- More than half (58 percent) are looking to make their products and services available via an online-platform provider, including social media
- Nearly one-third (32 percent) will look to partner with third-party data providers
In the face of our current environment, it is clear that retailers are making broad and bold changes to operating models and business processes to ensure their viability in the future.
