There are very few industries that aren’t going through digital disruption right now, but perhaps one of the most profoundly affected by the digital revolution is the retail industry.
In MuleSoft’s recent Connectivity Benchmark Report, fully 100% of retailers surveyed said they were embarking on digital transformation activities. This is because there is a sea change right now in how people shop. Australian publication iStart highlighted that there had been a 50 percent decline in visits to physical stores over the Christmas shopping period over the last five years, as people switched to online alternatives.
So what are retailers going to do? There’s no question that they have to make changes; as MuleSoft APAC CTO Brad Drysdale points out, “The biggest threat is inertia. Sitting back and polishing the status quo won’t protect you from disruptors.” Some are undertaking virtual reality initiatives, whereas others are banking on data-driven strategies.