TECH BUYER Nov 2020 - IDC Perspective - Doc # EUR146968920
How to Win Retail's Next Normal: Highlights from the IDC European Retail Executive Digital Forum 2020
This IDC Perspective discusses key takeaways from the IDC European Retail Executive Digital Forum 2020, an online event that took place on October 20, 2020.
The next normal offers great opportunities for retailers that fully embrace Commerce Everywhere business models that focus on CX, are supported by robust inventory management, and complemented by the new role of brick-and-mortar stores. These are some of the key themes discussed during the IDC European Retail Executive Digital Forum 2020, which saw the participation of executives among global retail and IT services organizations and IDC Retail Insights analysts.
To prepare for the next normal, retailers need to gradually implement technology-enabled capabilities, scale up customer experience, and implement innovation strategies. Inventory management and the evolving role of physical stores in fulfillment and customer engagement become key to support seamless CX and implement the Commerce Everywhere business model.
"Retail is in a new phase as we are seeing a substantial change in the way consumers shop. This situation is here to stay and it offers great opportunities for retailers. However, it puts significant pressure on operations and cost. Changes in consumer behavior require retailers to focus on customer experience and to adopt a Commerce Everywhere business model," said Filippo Battaini, head of IDC Retail Insights Europe.