Online shopping is booming and is working towards becoming more popular than shopping in-store. The British Retail Consortium has identified that since around 2014 and 2016, in-store year-on-year sales growth has been dramatically declining, whilst the online penetration rate steadily grows. For example, online sales of non-food products has nearly doubled over the past five years (owning just 11.6% of the market in December 2012 and up to 24.1% in December 2017). This huge change in the retail landscape has required a monumental shift in the thinking and strategy of C-Level Executives in retail organisations. As this sector continues to battle to keep up with the online revolution, studies have found that the retail CIO continues to take a back seat role focused on running the IT infrastructure and helpdesk. However, in an environment which is now dominated by technology, the CIO must shift their focus to that of ‘business enabler’ so that they use their unique digital expertise to power forward-thinking business strategy and innovation.
Boohoo Group Plc (LON:BOO) Founded in Manchester in 2006, the group started life as boohoo.com, an inclusive and innovative brand targeting young, value-orientated customers. For over 10 years, boohoo has been pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7. boohoo has grown rapidly in the UK and internationally, expanding its offering with range extensions into menswear through boohooMAN.
