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Srinivas Reddy and Werner Reinartz

Open access

Werner Reinartz and Monika Imschloß

Abstract

Digital transformation has a strong impact on the retail industry. Activities that were once retail sector are moving to online stores, and specialized third parties are taking over physical distribution and payment. Naturally, store-based retailers are not taking this sitting down and many are reacting by starting to “digitalize” their point of sale. But in order to understand the true impact of digitalization and to react adequately, one needs to think backwards from the consumer and enter the scene at a much earlier stage. In our digital age, need occurrence, shopping and consumption are moving much closer in time and space and are being naturally integrated into our daily routine. If retailers still want their share, they have to build an ecosystem of presence and organize themselves around consumption and lived reality of their consumers. They have to be present in the mind of the consumer at the very instance a need arises. Being recalled in time matters now more than ever.

Open access

Srinivas K. Reddy and Werner Reinartz

Abstract

Digital transformation is taking place all around us and there is hardly a single aspect of life that has not been affected. It has an obvious, lasting, and even revolutionary impact, not only on the economic systems and commercial players, but also on the lives of individuals and on society at large. Digital transformation will bring greater tangible and intangible value, but the changes do come with certain costs and risks, sometimes unforeseen. In terms of business strategy, digital technology has been transforming businesses dramatically. Even young companies that have been at the forefront of digital disruption are forced to reinvent and transform themselves and their businesses permanently in order to survive and thrive. If incumbents themselves don’t take advantage of this digital progress to innovate, others will. A new wave of digital disruptors is changing the face of industries. The ability to innovate is thus more important than ever. Entire industries may be threatened if they do not react quickly, while others are emerging almost instantly as if out of nowhere. Handling speed and providing real-time solutions is therefore one of the most critical skills in a digital world.