The significance of digital transformation for companies in the retail business - how mobile retailing is impacting consumer preferences
- Where the digital transformation is shaping society and consumer needs, traditional business models are disrupted by technological innovations. Retail businesses are driven by developments in information technology and the use of mobile devices by consumers is rapidly changing along with the response of retailers. New IT innovations of the 21st century such as mobile applications, can be expected to further advance the possibilities of retailers to optimize and integrate the processes employed to provide goods and services and to influence the entire consumer decision-making process. Some retailers consider data-driven decisions and automated processes as the key to their competitive advantage. The shift in the retail industry requires vendors to engage with their customers at different sales touch points to provide a more seamless omni-channel experience. New business models need to be introduced for the successful transition from traditional retail to e-commerce and m-commerce. Retailers are in need of developing necessary managerial skills such as big data analysis to succeed in the digital age. Based on an extensive literature review, this paper aims to describe and analyze relevant mobile innovations, to evaluate their true potential for application in the retail business and finally give recommendations for the successful implementation of mobile shops.