The retail sector has felt the disruptive impact of e-commerce more than most. The inevitable costs of staffing, rent, maintenance and daily operations has left traditional brick-and-mortar stores struggling to stay dynamic and compete effectively with their more agile online counterparts.
Not only that, but the one competitive advantage of physical retail outlets - being able to provide a more personal customer experience - has also taken a hit in recent years, thanks to a lack of in-store and operational efficiency. Customers find it hard to locate the products they are shopping for, are faced with longer queues for payment, and the most valuable ‘VIP’ customers are often overlooked. At a time when retailers should be striving to excel, this is bad news, as a 2018 study from KPMG reinforces:
