European retailers said in today’s retail environment, failing to digitalise fast enough will lead to reduced market responsiveness, higher relative costs impacting pricing and revenues, and problems with customer retention and loyalty, a study by Fujitsu indicated.

The research revealed four in five retailers want to move faster toward digital adoption. It revealed European retail business leaders agree that omnichannel digital transformation is critical to their future success.

“As online and physical worlds come even closer together, the development of ‘the connected store’ will become a key differentiator for retailers,” said Richard Clarke, global retail director for Strategy & Business Development at Fujitsu. He said retailers are under “extreme and constant pressure to head down the ‘Digital Express Aisle’.”

The research, however, revealed that most retailers lack a clear strategy for reaching this goal. The study indicated that, “European retailers are more likely than any other sector (83 per cent) to believe they are gambling with their digitalisation investments.”

According to Fujitsu’s research, only one in three respondents agreed that digital priorities are fully aligned within their organisation, and one in three business leaders thought the company is already over-spending on digital projects. Fujitsu also found that four in five retailers want to move faster toward digital adoption, as they were, “widely tipped by industry pundits” that this year is, “the year of digital transformation”.