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How Retail can Adopt Digital Transformation?

Digital transformation in the retail industry has enabled businesses to revamp their business models, operations, meet the changing customer behaviour and expectations, and stay competitive.

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How Retail can Adopt Digital Transformation?

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  1. Your Retail Coach How Retail can Adopt Digital Transformation?

  2. Index Your Retail Coach

  3. 1. Introduction Your Retail Coach • The scope of digitizing a business or adopting digital transformation is wide and can range from being simple to complex • Digital transformation in the retail industry has enabled businesses to revamp their business models, operations, meet the changing customer behaviour and expectations, and stay competitive • Digital technologies have played a big role in transforming the retail industry and especially by creating its alternative face – eCommerce Index

  4. 2. Data Analytics Your Retail Coach • With retail data analytics, decision-making in almost every aspect of the business has become data-driven. • When a business goes digital, its systems also begin to generate data from all the corners of the enterprise, This data is gold for business. • Data analysis can reveal meaningful insights for improving business strategies and performance across all the departments • meaningful insights from data analytics are highly emphasized Index

  5. 3. Switch to Cloud Your Retail Coach • Cloud comes to the ground in the backend platform and an important aspect of which is web hosting and infrastructure • If your online store is hosted on a local data center, then its scalability, security, and performance are limited • Benefits such as greater flexibility, vast capacity, improved scope for scalability, and comparatively lower cost of ownership could be eventually used to deliver a superior digital shopping experience for customers Index

  6. 4.1 Novel Technologies Your Retail Coach • Artificial Intelligence is empowering machines to mimic human-like cognitive abilities • AI-powered chatbots are proving to be an effective alternative for carrying out the initial stages of customer support and closing it up with requests for feedback • Machine Learningcan be used to make educated anticipation of dynamic customer behavior and add flexibility and improvisation to business processes operations • It is not just about establishing trends or making predictions from existing data but automated learning by machines/software to improve its ability to make better assessments and deliver better insights based on new learning Index

  7. 4.2 Novel Technologies Your Retail Coach • IoTis another big thing knocking the doors of retail  Hyper-personalization is now a reality with IoT • Customers will have lesser worries for product/asset maintenance or replenishment of inputs • Augmented Reality (AR) and Virtual Reality (VR) technologies are gaining firm grounds in the retail space towards ensuring a superior shopping experience for customers • These cool toys have elevated the in-store experience of customers for many retail brands Index

  8. 5. Advantages of Digital Transformation Your Retail Coach • Achieving break-even is a concern but digital transformation is a long-term investment and also a continuous activity • We have listed some of the key benefits of adopting digital transformation • Some important advantages are listed in next slide Index

  9. 5.1 Increased Efficiency Your Retail Coach • Automation can help businesses become better at being process-driven • With growth in business and expanding customer base, companies need to be more technology-driven and less dependent on manual execution of routine operational tasks and activities • An even bigger reason is that the benefits of having better and efficient internal processes could be passed on to make a business model more profitable and more value-adding to customers. Index

  10. 5.2 Informed Decision-making Your Retail Coach • When a business goes digital, its systems also begin to generate data from all the corners of the enterprise • This data is gold for business • Data analytics can reveal meaningful insights for improving business strategies and performance across all the departments. • Such insights are extremely useful to improve strategies and operations. Index

  11. 5.3 More Business Your Retail Coach • Efficient backend systems are critical to meet customer expectations consistently and create customer delight • Reduced checkout times, better personalization, prompt in-store and remote customer support, digital marketing outreach, device notifications, better inventory management, etc. Are a few things which digital transformation could bring • Keeping a check on these parameters could be highly instrumental in generating more footfalls and more business Index

  12. 6. Case Study – Wal-Mart Your Retail Coach • Wal-Mart is harnessing the limitless potential of Big Data as a part of its customer service initiative. • Wal-Mart also uses big data analysis on customer’s buying behaviour enabling them to personalize the shopping experience for its customers • Wal-Mart is planning to use an Artificial Intelligence (AI) platform for better engagement and negotiations with its vendors and suppliers • Wal-Mart also leverages Machine Learning to optimize transportation costs and travelling time on delivery routes and to enhance its customer shopping experience Index

  13. 7. Case Study – IKEA Your Retail Coach • IKEA Place app allows customers to virtually place IKEA furniture products in their house using Artificial Intelligence (AI) and Augmented Reality (AR) • IKEA uses AI-based platform to suggest them the most profitable destination where return products can be put to use • IKEA intends to harness the power of the Internet of Things (IoT) via IKEA’s Smart Home project • IKEA is also planning to integrate its platform with Geomagical Labs, an AI and AR start-up Index

  14. 8. Summary Your Retail Coach • Digital transformation is not only meant to cover the journey from retail to e-Commerce. • Digital transformation could be eventually used to deliver a superior digital shopping experience to customer • Artificial Intelligence, Machine Learning, IoT would Index

  15. To know more about "Digital Transformation", visit: • https://www.yourretailcoach.in/digital-transformation-in-retail-industry/ • For India & South Asia: https://www.yourretailcoach.in/ • For Dubai & Middle East: https://www.yourretailcoach.ae/ • For Africa: https://www.yourretailcoach.africa/ • Business Process Xperts: https://www.businessprocessxperts.com/ Thank You

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