Amazon mobile app, which enables customers to scan a barcode and compare with Amazon's price, raises serious questions about what the physical store is for and how traditional retailers can compete.

In 2012, the pressure will be on for retailers to transform their performance despite the unfavourable economic environment. Many of them are looking to re-define their business through an enhanced shopping experience both online and in store.

The latest global IBM study of CMOs reveals that while building and sustaining brand loyalty is their top priority, less than 30% feel sufficiently prepared to deal effectively with the growing quantity of data and its analysis.

With the evolution of the internet, the adoption of mobile, the credit crunch and other variables, buying behaviour has become more complex. Therefore the need for retailers to holistically understand their customers has never been greater.