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Analysis of the Transformation of the Department Store Industry under the Digital Economy
- 1 New York University
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Abstract
In the wake of rapid technological advancements, the digital economy has witnessed substantial growth, profoundly impacting the retail sector. Among the key players in the retail industry, department stores have emerged as significant participants in the ongoing process of digital transformation, navigating a landscape rich with both opportunities and challenges. Within digital economy, department stores have faced new challenges and competition, but also found new success in adapting to the technology driven “new retail” model. This study delves into the realm of department stores’ digital transformation, amalgamating insights from literature review and current market analyses. By doing so, the research investigates the present landscape of digital transformation within department stores, dissects the underlying factors propelling this shift, and deliberates potential pathways for future enhancement. This paper finds that department stores confront challenges while actively aligning themselves with the evolution of the digital economy. This necessitates department stores to proactively recalibrate their developmental strategies.
Keywords
digital economy, department store, “new retail”, omnichannel marketing
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Cite this article
Zhang,Z. (2023). Analysis of the Transformation of the Department Store Industry under the Digital Economy. Advances in Economics, Management and Political Sciences,54,107-114.
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