To say that the retail industry has been disrupted by the Internet is an understatement.
The emergence of innovative online retail outlets, most notably Amazon.com, has led to shrinking margins, declining traffic, store closings, and bankruptcies for retailers large and small. In the new reality, retailers must adopt new business models or risk perishing.
However, the same forces that are undermining the retail industry are offering retailers the opportunity to reinvent and reinvigorate themselves. While there is no single formula for innovation, there are principles and practices that are critical to success in today’s market.
In this report, we examine the principles and practices that are critical to success in today’s market.