The digital age is upon us. It’s everywhere you go. It’s in everything you do.
In a gist, digital transformation is using new technologies to create life-altering innovations that either disrupt industries or create new ones. It can make a service or product irrelevant and at the same time, pave the way for better products and services.
While some industries continue to thrive in the midst of all these digital changes, other sectors are experiencing the complete opposite, causing many job losses and even bankruptcy.
New technologies are causing drastic changes in consumer behavior. Hence, ‘business as usual’ isn’t always true in the retail industry. The growing trend of e-commerce or online shopping has shifted consumers away from in-store shopping. Although it doesn’t necessarily follow that the high street is falling into the dark abyss of extinction, retail companies that aren’t able to quickly adapt to the changing times will definitely face decline.