Some very worrying research passed across the Retail Insider desk recently that highlights the rough position many retailers find themselves in today.
When you get around 65% of senior executives stating that digital technology has not changed the way they do business, according to research from search firm Executives Online, then maybe it is time to run for the barricades.
In this age of digital disruption it seems incredible that so many retail organisations have not changed in any noticeable way. When will these businesses grasp the nettle and react to what are seismic changes taking place in the sector?
It is not surprising that these same executives believe their employers are not investing enough to ensure their company’s keep up with digital advancements – with 69% reckoning that there is under-investment. The big question is – are they investing anything?
What it interesting is that 83% of these executives believe they can personally keep up with digital advancements. But how exactly do they know this because their employers are seemingly not taking part in the digital revolution!
And also, why are these individuals, in their senior executive positions, not pushing for change in their own organisations? Maybe their lack of impact on their employers’ – despite them believing they are on top of digital change – is down to the fact they simply have an overly-inflated opinion of their abilities.
Despite the survey throwing up some surprises, this inflated ego scenario among senior executives is probably the least surprising conclusion to be drawn. Or maybe I’m simply being a little too sceptical of people’s supposed abilities.
Either way, there are some serious issues here that are arguably contributing to the industry’s digital challenges.