While the pandemic was a blow to all industries, retail was among the hardest hit. The industry, already in the throes of adapting to the changing habits and preferences of consumers, then had to take on supply chain problems that led to product shortages (who will ever forget toilet paper hoarding?) as well as staffing shortages. To rejigger a famous quote just a bit: Never have so many needed so much from so few. And the few, in this case, were the retailers.
But perhaps because of their adaptive mindset, retailers are ahead of the pack when it comes to organizational agility. The findings from our latest global survey, "Organizational Agility: Roadmap to Digital Acceleration,” reveal that despite (or, because of) all the challenges, retail organizations are ahead of other sectors in understanding the importance of digital revenue and acting on it. The impetus comes from the C-suite and filters down to employees’ actions and behaviors.
Retail Leaders Know the Future Is Digital
Retail leads the sectors in terms of current and future projections of digital revenues: Three years from now, more than two-thirds of retail income is projected to be digital. This puts retail slightly ahead of financial