Digital transformation. At its highest level, it’s about using technologies to create game-changing business models. Either disrupting existing industries – or creating completely new ones.
Very often, people think of Uber or AirBnB, where technology disrupted the market.
But obviously digital transformation concerns all secteurs, regardless if its Media, Tourism, Health, Banking, Insurance, Transport… or Retail.
Even more than that… especially retail!
Retail has always been product-centric. Retail was always about transporting a product from a supplier or factory to a store and expecting consumers go to the store to buy the product. To be successful in that model, retailers needed to be very good at buying low, selling high, and optimizing everything in between.
So what does digital transformation mean in retail? It’s about moving from this product-centric model to one that is customer-centric.
While they have to continue to buy low, sell high, and optimize everything in between (a supply chain view), retailers have also to focus on the digital value chain – especially by collecting data (about products, customers, and locations), and turning data into insights, and then turning those insights into action.
Which is, actually, Amazon’s game!
Find out more about one very special retailer: A bookstore like no other.