Riverbed has published the retail sector results of its recent Rethink Possible: Visibility and Network Performance – The Pillars of Business Success’ Study, which reveals that 95 percent of retail business decision makers (BDMs) and IT decision makers (ITDMs) believe the future of the retail sector depends on their employees’ ability to innovate, break boundaries and rethink what’s possible. With the global retail landscape under increasing strain as a result of COVID-19, retailers must find new ways to attract customers and build brand equity and loyalty. Overall, they believe gaining a competitive edge relies on them being able to drive innovation and creativity.
The research, however, highlights that 87% of retailers say their ability to innovate is currently limited by the technology they have in their organisation. In addition, more than half (59%) of business decision makers at these companies find it a struggle to keep pace with customers’ needs due to the rapid advancement of technology. This is translating to a direct financial impact as 96% of retailer respondents admit that the limitations on innovation is costing their organisations sales and profitability.
Against this current business uncertainty, it’s no surprise then that the large majority (80%) of retail IT decision makers believe their organisation’s IT infrastructure will have to change dramatically in the next five years to support new ways of doing business. This pressure is driving retailers to overhaul their IT environments, so they are focusing their attention on network performance and gaining visibility that will enhance customer experience. As a result, investment in technology is therefore earmarked as the number one business priority by retail respondents.
“The challenges faced by retailers over the last three months have been unprecedented, with consumers turning to digital platforms more than ever before. Traditional retailers have had to shift their business models to focus primarily on building and strengthening their digital footprint and creating a seamless customer journey focused on their virtual stores. Furthermore, eCommerce players have had to balance the surge in demand with their ability to deliver consistently engaging and differentiated customer experiences,” explained Colette Kitterhing, Senior Director UK&I at Riverbed Technology at Riverbed Technologyat Riverbed.
“In the midst of COVID-19, the speed, convenience and performance of digital platforms is no longer an ‘if’ for retailers, but a critical requirement,” Kitterhing added. “Business leaders need to act quickly, have complete visibility and performance of their network and applications, and put the technology in place that will meet the rapidly rising consumer expectations. Only by having the right infrastructure in place, collaborating across departments, and rethinking what’s possible will retailers be able to survive, innovate and grow in a sector that is facing ongoing uncertainty.”
RethinkPossible: Evolving the Digital Experience
More than 83% of retail leaders (80% BDMs and 86% of ITDMs) agree that businesses must rethink what’s possible to thrive in today’s challenging business climate and nearly 87% believe that digital performance is critical to their organisation’s growth. Therefore, it’s time for retailers to invest in the technology that will steer them through uncertainty and ensure business survival. Riverbed’s portfolio of next-generation solutions is giving customers across the globe this opportunity, providing the visibility, acceleration, optimisation, and connectivity that maximizes performance and visibility for networks and applications.