CEO panel discussion. St. Petersburg International Economic Forum 2019
Top managers of International and Russian retail chains, largest producer of food and beverages, leading IT corporation and banking sector discussed the prospects for digitalization of retail in Russia at the session "Digitalization of retail: technology and leadership" within the frames of St. Petersburg International Economic Forum 2019.
“The traditional system no longer works, an evolution towards digital commerce is essential. Technology is changing the competitive landscape and the behaviour of the consumers. As consequence, retailers need to transform their DNA to become data-driven and customer centric. While mobile interfaces are becoming the key channel of interaction with the consumers, physical stores are staying a differentiator if providing experience or convenience”.
Digitalization is becoming the key driver of these changes bringing new challenges and opportunities for the market players. The session moderator, Andreas Spaene, PwC Strategy& leading partner in digital strategies for companies in the retail and consumer good sectors, in his introduction told that digitalization was seen as destructive and disruptive, but it was just another stage of evolution. Retail has evolved towards omnichannel models and “pure-players” are on the path to extinction. To stay competitive retailers need to digitize their DNA and undergo a holistic transformation.
Digital transformation brings more convergence of the channels providing seamless OMNI experience
Corporate culture changes are as important as investments in technologies.
Customer understanding and insights are becoming vital.
New ecosystem is required in which the competitors of yesterday will be the partners of tomorrow to succeed.
“The future will be somewhere in between, as online retail will offer a wide product range and personalised offerings while physical stores will let customers get the most sought items as quickly as possible.”
“Our strategy is fairly simple: We will imbue the new digital experience with the culture of IKEA, which is rooted in such values as simplicity, reliability and affordability”.
“In order to tailor the communication in the way that is more and more relevant to the customers we need search for knowledge and insight for advance understanding of customer needs.”
“Not a single individual player will be able to collect as much data as a tandem of businesses will. This is what a digital ecosystem can give you: make people stay within ecosystem and understand value of it”.
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