The new financial frontier for retail
How retail CFOs are leveraging technology to optimize growth
WHITE PAPER |
It’s no secret that to stay ahead of the competition, remain relevant and maintain profitability, retailers must intimately understand consumer culture, adapting their business processes and product offerings to keep step with shifts in how shoppers seek out, engage and purchase from their brand. While simple in theory, maintaining a firm hold on these types of actionable insights can prove challenging, especially in today’s U.S. retail market, where digital and mobile technologies are constantly evolving, continuously changing how consumer interactions occur.
Retailers, and the chief financial officers (CFOs) who oversee and protect their bottom lines, can use this highly dynamic marketplace to their advantage, however, leveraging its ability to forge direct, meaningful partner and customer relationships and more personalized shopping experiences, appealing to consumers on emotional, financial and social levels. That said, such an approach requires significantly reworking the traditional one-size-fits-all sales model. As both retail channels and supply chains become more globalized, areas of opportunity and influence are also expanded, requiring retailers to adjust their strategies and formats to cater to a more diverse audience, one in which consumers are more varied than ever before, and polarized across generational, financial, cultural and geographic lines. Leveraging key technology strategies is a way to bridge and reach that diverse audience.
As retail CFOs navigate their complex and expanding frontier, the demands placed on them have never been greater, and the technology tools at their disposal have never been more powerful. While this new landscape of globalization, innovation and expansion is relatively uncharted, the potential for growth is vast and seemingly limitless. Success will lie in harnessing and optimizing the technologies capable of nurturing and building balance, engagement and relationship among a complex fabric of consumers, partners, resources and their technologies—cultivating CFO assets and mitigating their liabilities for unprecedented retail growth and success.