05 Mar Digital Transformation in retail
The focus on digital transformation in retail increases
The focus on digital transformation continues to increase in retail according to the world retail congress retailers are making digital transformation their highest investment priority * and with more money to spend with Gartner predicting retail tech spend will grow by 3.6% in 2019 to $203.69 billion just where will that money be spent?** There are lots to consider much of it being dictated by the type of retailer you are, what is important to your customer and also what does your current infrastructure support. in What are the gaps? What is causing your business pain? Ultimately impacting sales margin and your customer
Multichannel & Global
If you are a multichannel global retailer with stores around the world and operating in many different channels chances are you are not going to easily exist without a comprehensive Omnichannel solution, one that works seamlessly across all channels in real time which allows not only your head office staff to view that stock in real time but also your customers
Predictive analytics, machine learning & Ai
Inventory is one of the most expensive commodities for any retailer so any digital strategy which focuses on ensuring that stock is purchased only when it is needed can only bring benefits. More and more retailers are extending their replenishment and allocation algorithm’s to focus on more advanced predictive analytics, machine learning and ultimately Ai to help master this old age problem.
In Store experience
In store experience has been highlighted as an area in which many bricks and mortar retailers can inject momentum in to their retail stores offer a unique selling proposition. Their solution of choice of investment will very much depend on what the customer’s expectation is of that retailer.
If they are visiting a high end exclusive retailer who they frequent often perhaps clientele and customer preferences are the order of the day, anything which ensure that customer feels exclusive and special can only help. A toy or children’s clothing retailer may want to focus on fun and laughter through retail theatre where as a retailer whose area of expertise is commodity items knows that simple swift no nonsense get me in and out of the store wins hands down and may invest in pay on the aisle technology.