{"id":2264,"date":"2021-04-08T06:25:51","date_gmt":"2021-04-08T06:25:51","guid":{"rendered":"https:\/\/www.skillnetinc.com\/?post_type=blogs&p=2264"},"modified":"2024-05-21T04:35:50","modified_gmt":"2024-05-21T04:35:50","slug":"how-do-modern-commerce-leaders-justify-investment-and-change","status":"publish","type":"blogs","link":"https:\/\/www.skillnetinc.com\/es\/resources\/blogs\/how-do-modern-commerce-leaders-justify-investment-and-change\/","title":{"rendered":"How do Modern Commerce Leaders justify investment and change?"},"content":{"rendered":"
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This is the fourth blog in a series of four blogs( Read Blog 1<\/a>, Blog 2<\/a> y Blog 3<\/a>) from SkillNet on how Modern Commerce Leaders have used technology to digitally transform their retail businesses to adapt to the New Normal. This ability to adapt, gives these brands a competitive advantage. While the blogs are connected each of them can be read independently.<\/em><\/p>\n\n\n\n

The last year has been challenging for almost every company\u2019s bottom line. Even essential businesses like Grocery stores that saw a revenue lift, have also seen tight margins as labor and product costs rose. In this time of uncertainty, it may be hard to convince internal decision makers to make investments which will provide long term benefits.  <\/p>\n\n\n\n

On a recent call, a client mentioned that they convinced a skeptical Chief Financial Officer (CFO) to invest in a new multi-million dollar app enhancement by simply demonstrating how easy it was to complete a purchase on a competitor\u2019s mobile app, \u201cwithin 5 minutes, because I was able to show how easily I could purchase a $30 Mr. Coffee Maker on my competitor\u2019s app, I got the funding I had been asking all year\u201d.<\/p>\n\n\n\n

Change is often initiated as a reaction to market or competitive forces. However, a true Modern Commerce Leader is often trying to be an innovator, before these forces become apparent, and may not have the easy argument \u201cour competitors are doing it\u201d. In those cases, a more strategic approach may need to be taken to get stakeholders to agree to not only a major financial investment but a commitment that their organization will adopt new operational process changes.<\/p>\n\n\n\n

At SkillNet, we look at developing a Return on Investment (ROI) model for retail businesses as a 5-step strategic effort:<\/p>\n\n\n\n