When is the right time to invest in new technology? It’s a big leap for many companies, changing from ‘the way we’ve always done things’ to new, digital ways of doing business. But companies that fail to listen to their consumers and plan for change are putting themselves at risk, say experts from both large and small firms.
In retail, rapid change is being driven by customers’ experiences of shopping online, says Joel Bar-El, chief executive and co-founder of retail computer vision and data analytics company Trax.
Mr Bar-El says: “Growing shopper sophistication is driving ‘smart retail’. Amazon is moving into the retail market and that is forcing [older] stores to innovate and think like digitally native companies.”