BUSINESS MODEL INNOVATION & ECOSYSTEMS FOR SEAMLESS TRANSACTIONS IN RETAIL (BEST in Retail)
The recent wave of digitalization in the retail sector, which emerged with the growth of e- commerce and internet-connected digital technologies, is heavily disrupting traditional business models.
This disruption is driven by two factors. First, it opens for new forms of competition from abroad and from entrants arriving from adjacent markets, who possess digital capabilities that often outstrip that of incumbents.
This means that the nature and behavior of competitors have become less visible and predictable for incumbent retailers. Second, these technologies heavily affect the interaction with customers, who have raised their expectations concerning the overall customer experience both online and in the physical stores.
They expect more information, higher service level, on-demand self-service, and personalized interaction in an omnichannel purchasing solution.
Digitalization thus raises the bar substantially, also for the Norwegian retail sector, which employs close to 13 percent of the labor force through 71.500 firms. To halt the disruption, maintain the diversity in the Norwegian retail landscape, uphold employment, and prevent the closure of business in rural areas, the sector requires a competence boost to face this new digital reality.
BEST in Retail will generate knowledge, methods, and roadmaps that provide the retail sector with the ability.