Disrupt or Evolve?
The retail fashion scene is going through major changes as technology impacts consumers’ buying habits and brands explore how to build long-lasting relationships with their target customers in a constantly shifting online world. The range of options available for consumers to interact with retailers presents particular challenges in terms of where to invest and in what order. It also raises the question of whether it is better for a business to evolve to meet such challenges or to ‘disrupt’.
According to BoF and McKinsey & Company, “adoption of disruptive technologies...is accelerating, with the potential to disrupt entire industries – including fashion.” They also note that “the modern shopper’s comfort with digital channels and content has changed the consumer purchase journey from a traditional linear model, to a complex journey across online and offline touchpoints.”
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