“Fujitsu Future Insights – Digital Transformation in Retail” argues that the changing retail landscape even includes a growing rejection by Millennials and Generation Z customers of the conventional mass-production/mass-consumption economic model that has prevailed for more than a century. Implementing successful digital transformation as a solution to challenges of this magnitude will determine which retailers survive and which competitors cease to remain relevant, says the report.
As well as the changing nature of consumption, the report identifies four other “megatrends” retailers can leverage to create differentiating strategies for the future:
The Fujitsu Future Insights series introduces the company's thoughts about global digital transformation trends, providing deeper analysis of challenges and the impact of technologies in specific fields. It also introduces possible future scenarios and strategies related to those areas. In the "Digital Transformation in Retail", Fujitsu describes its vision for the future of digitalised retail services and proposes how retail and other industries will be transformed by its digital technologies.
Richard Clarke, Vice President, Executive Director, Global Retail at Fujitsu, says: “Society is evolving and this is invalidating many of the basic assumptions on which mass-market retailing was built. The future will belong to those retailers who understand and respond to consumer concerns about trust and social responsibility. However, retailers that don’t recognise the need to transform will find themselves increasingly sidelined, and unable to regain losses in market share or credibility. As a digital transformation partner for some of the biggest names in global retail, Fujitsu is committed to developing human centric innovation and trust in retail via co-creation with its customers, ultimately contributing to a sustainable and prosperous society.”
Fujitsu is the leading Japanese information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Approximately 132,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.0 trillion yen (US $36 billion) for the fiscal year ended March 31, 2019. For more information, please see www.fujitsu.com.
Fujitsu UK & Ireland employs over 9,000 people. We promote a Human Centric Intelligent Society, in which innovation is driven by the integration of people, information and infrastructure. We are committed to Digital Co-creation, blending business expertise with digital technology and creating new value with ecosystem partners and customers. We enable our customers to digitally transform with connected technology services, focused on Artificial Intelligence, the Internet of Things, and Cloud - all underpinned by Security. Our customers cover both the public and private sectors, including retail, financial services, transport, manufacturing, government and defence. For more information please see http://uk.fujitsu.com
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Date: 17 December, 2019