Unlocking the Future of Retail: Embrace Change and Empower Your Team!

  • Retailers are transitioning from legacy systems to agile, composable architectures.
  • Data quality and migration are significant challenges in this transition.
  • Effective change management and employee empowerment are crucial for success.
  • Choosing the right technology partners involves evaluating their collaborative capabilities.
  • A holistic approach to vendor selection can enhance the composable commerce journey.

As consumer habits evolve post-pandemic, retailers are challenged to adapt by either repurposing their existing back-office technology or completely re-platforming. A recent panel discussion hosted by PMC and Retail Gazette in London highlighted the struggles retailers face in transitioning from outdated legacy systems to more flexible, composable architectures. nnOne panelist from a major UK grocery chain shared her experience of moving to the non-food division, where she encountered even more legacy systems. She questioned how to effectively manage the migration process. Another panelist from a renowned footwear retailer emphasized the confusion surrounding the term ‘composable commerce’ and suggested that explaining its benefits is more effective than just using jargon. He likened the transition to moving from a ‘dumb phone’ to an iPhone, illustrating the shift from a rigid system to a customizable platform. nnMany retailers echoed the sentiment of grappling with outdated systems. The CIO of a building supplies company, which has made significant progress towards composable commerce, shared how they consolidated 13 ERP systems into one modern solution. He stressed that the biggest hurdle was ensuring that data from legacy systems could be utilized in new systems, emphasizing the importance of data cleansing and migration for future efficiency. nnAnother grocer highlighted the need for a ‘single version of truth’ in data quality, noting that moving data into a strategic data lake was one of the most challenging aspects of their project. The complexities of data duplication and cleansing were significant obstacles. nnAs the panelists discussed the importance of not rushing the migration process, they acknowledged the need to manage change effectively. They shared strategies for communicating benefits to employees, tailoring messages to different profiles, and using engaging training methods. Empowering employees while maintaining oversight was also emphasized. nnVendor selection emerged as a critical factor in the composable journey. Panelists highlighted the importance of evaluating not just technical capabilities but also the collaborative nature and cultural fit of technology partners. Successful partnerships require vendors to work together seamlessly, rather than protecting proprietary solutions. nnThe discussion concluded with key lessons for retailers embarking on their composable commerce journey, emphasizing the need to navigate legacy systems, cultural change, and emerging technologies. By addressing these challenges, retailers can create a more agile, customer-centric, and future-proof operation.·

Factuality Level: 7
Factuality Justification: The article provides a detailed account of a panel discussion on the challenges retailers face in transitioning from legacy systems to composable architectures. While it presents relevant insights and experiences from industry professionals, it occasionally veers into tangential details and lacks a clear focus on the main topic. The information appears well-researched, but some sections could benefit from more concise presentation to avoid redundancy. Overall, it maintains a factual basis but could improve clarity and focus.·
Noise Level: 8
Noise Justification: The article provides a detailed analysis of the challenges retailers face in transitioning from legacy systems to composable architectures, supported by insights from industry professionals. It discusses the importance of data quality, employee engagement, and vendor selection, offering actionable insights and solutions. The content is relevant and focused, avoiding unnecessary filler or irrelevant information.·
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the retail industry’s shift to composable commerce, impacting companies’ operational efficiency and potentially their financial performance.
Financial Rating Justification: The article focuses on the challenges retailers face in evolving their technology systems, which directly relates to financial performance and market competitiveness in the retail sector.·
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: The article discusses the challenges retailers face in adapting to new technologies and systems but does not mention any extreme events.·

Reported publicly: www.retailgazette.co.uk