Many executives in consumer and retail are wary of the changes that digital brings.
Business executives who haven’t been planning ahead for emerging digital technology will more than likely be left behind in today’s fast-moving global economy. Indeed, a survey released in the summer of 2013 by Boston Consulting Group shows that business executives worldwide face a constant and ever-changing slew of challenges due to the ever-changing state of digital technology.
Large-scale transformation, and their unpreparedness for it, as well as being open to innovation was the top challenge for 20% of all respondents. Changes in digital technology was nearly the same as well as handling the new digital channels that are springing up constantly.
Leveraging consumer data as well as managing digital channels were seen as the biggest obstacles among executives from retail industries. For example, nearly 70% said that leveraging consumer data was a challenge they were trying to overcome whereas in the healthcare industry just over 40% of senior professionals cited the same.
A newer study, however, released at the end of 2013 by 1010data showed a bit more optimism among retail executives concerned that leveraging consumer information was going to be difficult. Their survey asked industry leaders and business executives to rank which industries would be helped the most by Big Data and retail was ranked at 42%, just behind finance at 49%, showing a renewed confidence that digital data was inevitably going to be a boon for the industry.
Of course, as it historically has done with sweeping changes like these, the retail industry is rising to the challenge. The BCG survey found that 7 out of 10 executives considered it a major challenge but one that would have significant positive impact on the industry overall. Technology was also ranked one of the leading industries worldwide for mobile ad spending growth according to their survey, one of the most important factors when it comes to the future growth of retail overall.