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Prising open the retail CFO's wallet

A fundamental challenge for any retailer is to secure investment that offers the prospect of top-line growth. This is made more difficult against the backdrop of CFO decision making that typically prioritises cost reduction over what is often regarded as 'speculative' expenditure.

Set against a McKinsey survey from 2014 which reports that 96% of businesses failed to extract the value they were hoping for from their investments to date and that 60% of businesses say they have failed to establish accountability measures and performance, it is perhaps no surprise that most CFOs develop a tendency to keep their wallets firmly in their pockets.

Yet for any retailer looking to secure investment to drive eCommerce performance, there is hope. By building a platform and a value proposition with tested outcomes, you can actually open a CFO wallet much more readily. Why? Because you are no longer justifying this on a punt or even an expert opinion – you are justifying it with real data from real customers at the point of purchase.

But to do this you need to keep these seven steps in mind each time you engage with your eCommerce team and your own function:

There are many eCommerce and IT teams that demonstrate growth above the average and therefore continue to attract the investment they need to keep their businesses competitive and growing. They have done this by establishing:

James Hammersley is the co-author of Leading Digital Strategy a guide to eCommerce strategy published by Kogan Page. He is a founding partner and director of Good Growth, a digital change consultancy which has worked with organisations such as The Economist, Barclays, Bupa and Manchester United.

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