Retail has long been driven by information, yet most retail companies are still not using their data effectively to manage sudden change. The constant disruptions to the industry just keep coming, forcing many companies to invest heavily in online and click-and-collect solutions to bolster their diminishing bottom line. This plus interesting innovations in online and instant shopping like same-day delivery and try-before-you-buy agreements have allowed retailers to modernise their legacy solutions and spreadsheet models to a more automated and connected approach.
However, Rapidly changing consumer buying patterns, new products from competitors, market uncertainty, online shopping, global pandemics, will continue to destroy retail businesses that don’t adapt and transform. Digital transformation is a must for retail business. Leading retailers are moving to integrate their finance, operations and other core systems into a unified decision-making platform so they can perform all their reporting, planning and analysis that is essential to driving sales, demand and growth.
Areas where PMsquare works alongside retail groups are: