How Digital Transformation Is Fueling Growth
Retail isn’t dying, despite what some headlines would have us believe. According to the National Retail Federation, overall U.S. retail sales have grown almost 4% annually since 2010, slightly faster than the economy as a whole. In the middle market, the retail sector has posted year-over-year growth rates well above that mark throughout 2018, making mid-sized retailers an important contributor to the industry’s overall health and vitality.
To better understand the middle market retail environment and what drives its success, the National Center for the Middle Market and its partners studied a group of retailers across three categories—fast-moving consumer goods, specialty goods, and food service. We found that these retailers have not only survived the so-called retail apocalypse, they are thriving. By exploring their growth strategies and looking closely at the actions the fastest-growing middle market retailers are taking to ensure continued success in an evolving industry, we uncovered a story of digital transformation, or a willingness to invest in digital in order to boost efficiencies, increase sales, and enhance the customer experience both online and off.
