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Retailers missing $187 bn digital opportunity: Cisco
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IANS | 20 Jan, 2017
Retailers remain in the early phases of digital transformation and are
missing a $187 billion opportunity by not prioritising investments in
employee productivity, global networking giant Cisco said on Thursday.
Six
per cent of retailers' investment priorities are focused on employee
productivity use cases despite the fact these use cases deliver the
greatest return on investment for retailers, the company estimated.
"The
shakeup caused by digital disruption is already underway with major
retailers announcing the closure of hundreds of their brick and mortar
stores in recent months in order to better compete in a landscape where
physical and digital channels are increasingly converging," said Kathryn
Howe, Director, US Commercial Digital Transformation, Retail and
Hospitality Industries, Cisco, in a statement.
In an effort to
help retailers achieve digital transformation, Cisco has released "A
Roadmap to Digital Value in the Retail Industry" which guides retailers
through three phases -- enable digital capabilities, differentiate their
brand through new digital capabilities and define new business models
through digital disruption.
Only 29 per cent of retailers'
investment priorities are currently focused on the "differentiate" phase
and only 22 per cent in the "define" phase, the second and third phases
of the roadmap, respectively.
The findings indicate that most
retailers have not made enough progress when it comes to digital
transformation and may be at risk of being out-performed by faster
moving, more innovative retail ventures.
Retailers are
prioritising the majority of their digital technology investments in
customer experience use cases (37 per cent) that aim to improve personal
engagement with consumers.
"Retailers need to make more
progress in digitising their workforce and their core operations in
order to execute on the innovative customer experiences they want to
deliver, and to position themselves for success in the new retail
landscape," added Howe.
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