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Weighing the need versus the cost to implement the newest, latest and greatest technologies.
Photo by EVG photos from Pexels
Just four years ago, 75% of U.S. retailers said there was a dire need for digital transformation. At the time, 40% of U.S. retailers were already using some kind of artificial intelligence or digital-first strategy, while U.S. retail executives rated their AI knowledge at only 2.92 out of five.
The retail industry is at an unexpected turning point. The economic downturn is a reset, a bittersweet opportunity for brands to reevaluate their place in the market and branch off into new territory. From a technological, marketing and software perspective, advancing and improving legacy systems that we define as more old school or analog is a big glaring step. Now is the time for retailers to execute their digital transformations, but can every business afford it?
It’s obvious that digital transformation is a fairly broad theme. In fact, many major consulting firms like Accenture
and Deloitte have digital transformation practices that are as ambiguous as they are ambitious. However, for our purposes when we think about digital transformation, it is much more narrowly defined as a business’s investment in new …
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