If you’re in the retail sector, chances are in the near future your industry will face a digital upheaval. You are amongst one of the many industries that will have to face this. The upheaval refers to the next wave of entrepreneurs and big thinkers and how they will reshape the way the industries operate. It’s also the next big change in our economy. What? How? Why? WHAT DO I DO!?
Deloitte released a study capturing the impact of how in the next few years, there will be a digital disruption that will cause severe changes in 18 key industries. According to the study, the retail sector will be the first industry to face the disruption with the second highest impact. Digital disruption refers to the changes the industries have to make in order to survive, specifically in their fundamental structures.
Technology is growing more rapidly than ever and there are new ideas being brought forward by the new wave of entrepreneur everyday. It confronts business owners in industries by exposing their shortfalls, opening up new perspectives and forcing them to re-examine their existing business model. It encourages continuous innovation and changes in industries that will throw the “old way” of doing business out of the window.
It is the next inevitable step in societal development. It’s unavoidable and necessary for future value creation.
WHAT DO I DO!?
First step is calm down. It’s not that bad. On the other hand, it’s quite exciting. Change is around the corner and whenever there’s change, there’re opportunities for growth and development. Next, re-think your business model. Look at your cost, revenue and corporate structures and think see you can adapt.
However even better than adapt, think forward and BE that next entrepreneur with the big idea! Talk to a Niche consultant today about where you stand and where you should stand.
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