As we discussed in recent blog posts, the cyber retail industry has come a long way since its inception. Advances in technology are taking customers from traditional brick-and-mortar locations to a combination of online and physical storefronts, or in some cases, online-only experiences.
These technological advances supply consumers with more choices, flexibility and better service than ever before. As customers alter their shopping habits, retailers are increasingly being forced to make their in-store offerings available for purchase online and through mobile devices.
With only a few shopping days remaining until the Christmas holiday, the most intense shopping season of the year is in full swing. Though Black Friday and Cyber Monday are in the rear-view mirror, a great deal of online shopping is set to happen between now and the holidays and if retail companies aren’t prepared to deal with the impending rush, they risk facing potentially damaging consequences.
One potentially damaging consequence is an IT system breach. A number of retailers have been hacked over the last few years and according to KPMG ’s 2016 Consumer Loss Barometer, 19 percent of consumers in the U.S. said they would stop shopping at a retailer that had fallen victim to a cybersecurity hack, “even if the company took the necessary steps to remedy the issue.”
As a result, the retail companies that utilize the best technology solutions will not only set themselves apart from their competition, but will also be better prepared to deal with impending cyber threats and mitigate the possibly detrimental outcomes.
In a recent Pet Age article, Rakesh Khanna, CEO and president of global IT solution provider, Syntel, believes that many businesses struggle with implementing new digital technology “due to the persistence of back-end legacy systems, which can have an effect that stretches all the way through to the enterprise’s digital storefront.”
Over the past few years, a number of retailers have been hacked by cyber thieves. In fact, according to the NTT Group’s 2016 Global Threat Intelligence Report, “retailers now experience the most cyberattacks of any industry sector—three times as many as the previous top target, the financial industry,” highlighting the importance of effective cybersecurity measures, like legacy system modernization.
Unfortunately, a number of retailers have only progressed their cybersecurity efforts so far, upgrading and fortifying their IT systems to meet the minimum payment card industry (PCI) security standards but rarely stretching beyond those minimal measures. By doing so, retail companies are leaving themselves and their customers at potential risk for a cyberattack.
Morphis works with our clients to manage, migrate and modernize legacy technology systems in order to not only protect retail companies and their customers, but provide them with the most holistic solution for transforming legacy software to the cloud. It is essential that retail companies allocate as much attention to modernizing their outdated legacy systems as they do to new web, mobile and social performance in today’s digital landscape, or they risk not meeting customer expectations during the holiday shopping season.
In order to meet customer expectations during the holiday shopping season, set yourself apart from the competition and protect your brand as well as your customers, you need to completely accept the realities of the changing cyber shopping industry, discard outdated and inflexible legacy systems and embrace cutting-edge technologies.
Morphis is here to help you with the entire modernization process by providing logical, effective and complete solutions for modernizing legacy applications. Contact us today, and start to distinguish yourself from your competition and protect your brand from cyber threats.