The retail sector is the most vulnerable to disruption out of ten major industries, a new report by AlixPartners has found.
AlixPartners’ Disruptive Index surveyed 3,000 C-suite executives around the world, collecting responses across ten different industry sectors.
'Significant Structural Changes'
It found that half (50%) of the respondents from the retail sector anticipated 'significant structural changes' to their business during the current year, more than any other industry, with close to two fifths admitting they were fearful over losing their jobs as a result of industry disruption.
Elsewhere, more than half of retail executives believe that their employees' skill sets are at risk of obsolescence, and are not aligned with the changes currently impacting the sector.
The report also indicates that although 70% of retail executives anticipate growth for the industry in the next 12 months, nearly half (49%) express concern that their company is unable to keep pace with the rapid rate of technological change.
'Disruptive Forces'
"Our latest findings underscore the critical need for retailers to proactively address challenges posed by disruptive forces in the industry," commented David Bassuk, global leader of the retail practice at AlixPartners.
"As the retail landscape rapidly evolves, businesses must remain agile and innovative to stay competitive and resilient."
AlixPartners' report was published to coincide with the World Retail Congress, taking place in Paris this week, where the firm will outline a number of trends impacting the retail sector in a presentation entitled 'Disrupt or Be Disrupted: Six trends reshaping retail'.
“The digital revolution, consumer behaviour change, geopolitical tensions economic pressures, and the lingering impact of the pandemic are transforming the retail landscape globally," added Matt Clark, the EMEA lead in AlixPartners’s retail practice.
"Our research not only analyses the biggest challenges facing the industry, but also highlights the greatest opportunities. For industry innovators, and those willing to adapt and learn, the future of retail looks promising.”
