"If you believe that 40 percent of your transactions are going to be digital, then how does that impact why someone goes to a store. The journeys and the purpose of the store changes," Read said during a briefing in Duesseldorf, Germany. The executive said Vodafone will have more 'experience' stores, less standard format stores and more convenience, with kiosk and click-to-collect stores.
Read said the group will also use new technology such as its AI-powered chatbot, to help customers buy products and services in just three clicks.
Germany seen as 'engine of growth'
During the briefing Read noted that German will be the engine of growth for the company as it centres on 5G, ultrafast cable and fibre. This “growth” will be driven by the acquisition of Unitymedia, completed in July. He said by the 2022 financial year, Vodafone's German broadband network, made up of cable and fibre, would include 25 million premises against 8 million for other fibre providers. "We have a structural advantage that cannot be closed in any short-time horizon, which is why we really want to drive penetration," he said.
Unitymedia is getting integrated faster than any other previous acquisition, Read continued. "We feel very confident on the cost, the capex and the revenue synergies," he said.
Vodafone is aiming to cut costs by GBP 1.2 billion by fiscal 2021.
