Digital Transformation During COVID-19: The Gap Widens Between The Retail Haves And Have-Nots

Just four years ago, 75% of U.S. retailers said there was a dire need for digital transformation. At the time, 40% of U.S. retailers were already using some kind of artificial intelligence or digital-first strategy, while U.S. retail executives rated their AI knowledge at only 2.92 out of five.

The retail industry is at an unexpected turning point. The economic downturn is a reset, a bittersweet opportunity for brands to reevaluate their place in the market and branch off into new territory. From a technological, marketing and software perspective, advancing and improving legacy systems that we define as more old school or analog is a big glaring step. Now is the time for retailers to execute their digital transformations, but can every business afford it?