Digital disruption is a cause for optimism in UK retail, according to a new study published by Fujitsu.
With digital disrupting every sector it touches, Fujitsu’s study Fit for Digital, identified an optimistic UK retail sector primed to take advantage of the situation.
According to the study, four-fifths (80%) of retail business leaders stated that they are “enthusiastic” and “excited” about digital – stronger and more confident than any other sector, with only a third of retail business leaders concerned about the future of their organisation and the impact digital disruption will have.
It is agreed that the sector believes digital disruption will fundamentally change retail by 2021, with 86% stating so, and 35% believing that their business won’t exist in its current form by that time either. What the research found, however, is that 80% of the UK’s retail sector finds digital disruption to be a positive force for the industry, posing a number of opportunities for growth and innovation for the sector.
The research also highlighted that the sector isn’t reluctant to adapt to this digitally influenced retail landscape. 94% stated that they have already been impacted by digital disruption, yet almost all (96%) are taking measures to ensure they are at the forefront of innovating and keeping up to pace with the digitally disrupted world retailers now face. Over four-fifths (81%) have used digital disruption to invest in new technology, 52% have changed their business strategy and 42% of retailers have invested in the development of new products and services.
However, thanks to the pace of retailing the landscape changes on a daily basis, and as a result two thirds (66%) of retail business leaders want their organisation to move faster when it comes to digital disruption, keeping ahead of their competitors and new entrants.
Fujitsu UK and Ireland managing director for retail and hospitality Rupal Karia commented: “Nowadays the level of customers’ expectations is at an all-time high, with the research even stating that customers are the biggest force driving digital disruption (50%). If retailers are to thrive in this ever increasingly digital landscape, they are going to need to collaborate with technology partners that will help them to facilitate innovation and new services, which will ultimately help them enrich their customer service and differentiate themselves in such a competitive market.”