Rising consumer demands are also driven, in part, by Amazon. The e-commerce giant accounts for 25% of all online retail traffic in the UK. Amazon has pushed the boundaries in terms of personalization, pricing and delivery and continues to build a presence across different retail categories.
But not all retail businesses have taken the hit. The likes of Ocado, Charlotte Tilbury and John Lewis have instead grown rapidly and outpaced the market. Despite their differing categories, these businesses are aligned on using customer-centric data as the foundation of decision making.
Watch the full Business Reporter interview here: Customer-centric data: The foundation of all decision making in retail