Ready, set go: Retailers race to the top amidst digital disruption

There is no doubt digital is disrupting every sector it touches, with some fearing it and some embracing it. One sector that isn’t shying away from the challenge in the UK however is retail. Fujitsu’s study Fit for Digital, identified an optimistic UK retail sector, with a staggering four-fifths (80%) of retail business leaders stating that they are “enthusiastic” and “excited” about digital – stronger and more confident than any other, with only a third of retail business leaders stating that they are “enthusiastic” and “excited” about digital retail transformation disruption will have.

It is true that the sector believes digital disruption will fundamentally change their sector 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 that 80% of the UKs 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.

One thing that was made clear from the research is 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 retail, the landscape changes on a daily basis, and as a result two thirds (66%) of retail business leaders want for their organisation to move faster when it comes to digital disruption, keeping ahead of their competitors and new entrants.

“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%)” said Rupal Karia, Managing Director for Retail and Hospitality, UK and Ireland at Fujitsu. “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.”