Earlier today, it was announced that the British high street continues to be gripped by weak consumer confidence, amid fears over Brexit and economic uncertainty.
Anil Gandharve, Senior Vice President and Global Head of Retail, CPG & Manufacturing at tech company Mindtree believes that retailers need to better leverage technology to make more informed decisions if they are to adapt to market challenges with minimal risk. He made the following comment :
“The news today that high street sales struggled in August highlights the continued challenges faced by businesses in an uncertain economic environment, and the need for them to better leverage technology to make more informed decisions if they are to adapt to market challenges with minimal risk and therefore set themselves up for success. Technology is becoming the key pillar to ensuring data-rich insights, streamlining processes and driving new revenue models. Retailers not using digital channels are not only missing out on new revenue streams, but are putting themselves at risk from more nimble competitors. Formulating a strong omnichannel strategy and creating personalised experiences for customers is key to remaining competitive in today’s fast-moving retail climate.
“Brick and mortar stores need to match or exceed the services being offered by their online competitors, which they can achieve by connecting directly with their consumers through digital channels to improve engagement and brand loyalty, whilst optimising operational cost and improving their go-to-market strategies.”