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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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Your Retail Coach How Retail can Adopt Digital Transformation?
Index Your Retail Coach
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
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
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
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
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
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
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
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
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
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
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
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
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