Failing to understand the significance of e-commerce has burned out traditional retailers.
Traditional big retailers cannot fault Amazon for their inefficiency in adapting and employing e-commerce strategies. Amazon has been successful by creating new standards for customers’ expectations through innovations like one-day delivery.
This article says that delays in setting up online fronts and treating e-commerce as a separate entity led to the downfall of big retailers. Some stores like Target have successfully transformed their e-commerce services by turning stores into order fulfilment centres for online shopping.
The author contends that if brands do not upgrade their technology to add value to their services, customers will replace it. Bryan Gildenberg, chief knowledge officer and retail lead at Kantar Consulting said, “What’s happening today is not that Amazon is killing retail, it’s that brands where consumers can find a clear purpose and promise are winning”.
[6 minute read]