Why Does the Retail Industry Need to Embrace Digital Transformation?
For retailers, digital transformation involves the use of technology to create connections, improved functions and innovative services that are customer centric. With newer factors at play, there is a shift towards providing personalized shopping experiences, better levels of customer satisfaction and improved deliverables by using Artificial intelligence, big data analysis, social media platforms, mobile apps and chat bots.
How Does Digital Transformation Benefit the Retail Industry?
The retail industry can incorporate well thought out strategies and effective technology investments to completely transform their business into a digitally friendly platform. Cloud technology can facilitate faster responses, improving both operations and customer support. The availability of real- time data enables the retailer to manage their stock ahead of time. Thanks to AI, you and I can continue shopping without the presence of a cashier or store employee. Digitization offers a seamless process between different aspects of retail Ecommerce. As a retailer, you can improve communication with your customers by building your own official website and developing mobile apps for your users. The biggest benefit, that digital transformation brings, is that it reach a larger customer base which in turn increases the revenue.
What Makes Retail Digital Transformation Even More Relevant Now?
Studies show that although E commerce was slowly beginning to infiltrate the retail business, it wasn’t till the Covid 19 pandemic that the entire business of digital transformation took off. In 2019, close to 56% of retail sales in the United States came from online platforms. With a priority on safety and social distancing, business need to evolve, in order to meet the customers’ demands in the best possible way. More investment in data, increase in digital channels, analysis of spending styles, encouraging work from home for employees and transparent supply chain modules. Retailers who have a digital presence by building their own website or developing a mobile application for their users definitely have an added advantage of being ahead in the competition.
Retail Ecommerce integrates digitization with inventory planning, employee training, sourcing and communication to increase their revenue and expand their business. Digital transformation is the way forward and it’s here to stay. It’s time to take a step forward and embrace it.