95% of shoppers pick tech-based help over in-store sales staff. Welcome to the age of the digital DIY shopper. The survey, recently unveiled by the folks at HRC Retail Advisory, suggests more shoppers are seeking help from technology – namely smartphones and social media – instead of salespeople when hunting for the perfect product in a store. Read the full blog for more insights on the impact of Retail Store Network outages and SD-WAN failover solutions to avoid them.
The Make or Break Role of SDN: according to recent research by McKinsey & Co., “The majority of [market or industry] incumbents do not respond” adequately to digital threats “and ultimately fail.” Here in Part Two, we summarize McKinsey’s tips for attaining digital success – and explain the make-or-break role Software Defined Networks (SDN) play in transforming your entire business model with digital technology.
Digital strategy is the most important game – a survival game, really – of every business’s life right now. And it’s playing out at breakneck speed in every single industry. Yet, shockingly, most companies are losing that game. According to a recent McKinsey study, only eight per cent of companies believe their existing business model will still be economically viable if their industry keeps digitizing at its current rate. That means 92 per cent fear their business isn’t going digital fast enough – and could fail as a result.
Who has not heard the phrase “Knowledge is Power” in today’s hyper connected economy? Knowledge is also “powerless” unless delivered in the correct format to the right person, at the right time. Marketplaces demand seamless knowledge integration that goes well beyond the enterprise & its employees to include partners, suppliers & contingent workers. Making sure that knowledge is delivered at point of need; everywhere in the enterprises ecosystem, is why networks matter more than ever to the competitiveness of business.
Today’s shoppers are not only aware of innovative technologies, but they are also active users of these technologies. Hence, they’re also referred to as digital or Omni-shoppers. The retail industry is experiencing digital transformation at a mind-boggling speed. You should expect the evolution over the next five years to progress at a rate not seen in the last fifty years. Shoppers are literally carrying retail in their pockets. These changes have created a challenge for traditional retailers to understand the substantial impact of digital in retail and devise strategies to win the market.
In the era of the digital shopping experience, one of the costliest brick-and-mortar retail mistakes is downtime. In-store network connectivity is increasingly at the center of both the buyer’s journey and point-of-sale payment transactions. The retail industry average cost of downtime is estimated at $4,700 every minute so if you’re not connected, you’re not only losing cash but you’re also losing customers. By offering increased bandwidth and reliability, SD-WAN is enabling Retail CIOs to move beyond basic network reliability so they can focus on omni-channel initiatives that deliver a rich digital in-store experience for shoppers.