Those in the retail sector are very confident in their ability to drive growth effectively by identifying digital opportunities quicker than their competitors do, with 82% of retail respondents agreeing with that statement. Eighty-five percent of the leaders in this sector say they also have the tools to measure the performance of new digital products and service lines, a number matched by financial services.
Perhaps as a result, retailers are pleased with their response to the COVID-19 pandemic and its ongoing impact, with 78% saying they were fast to respond and only 22% saying they were slow. Although fast to respond, some acknowledged pain from the disruption, with 32% of retail respondents saying they were unprepared.
Despite their relative speed, retailers are considerably more likely to say they were financially impacted by the pandemic. In retail, 36% of respondents said the pandemic left them in a weak financial position, versus 27% of all participants across industries and geographies.