Digital Transformation in Reshaping the Retail Industry
February 25, 2021 | Digital Transformation, Service, Technology, Trends | No Comments
In 2017, the value of the retail industry was US$2.346 billion. During the forecast period (2018-2023), the compound annual growth rate is expected to be 5.3%, and it will reach US$31,888.0 billion by 2023. More than anything the retail industry felt the repercussions of COVID-19: physical stores closed as lockdowns forced shoppers to stay away, and millions of retail employees were unable to do their homework.
Retailers are thinking about how this immediate transition can be reacted to. They want to learn how innovations can be used to find creative ways of developing new business models and producing more sales.
Therefore, it is necessary to understand all aspects of digital transformation in the retail industry.
Changing times, Replace purchases :
While shops have been closed, shopping online has flourished. U.S. online spending in May reaches $82.5 billion, up 77 percent year-on-year an enormous rise, according to Adobe's Digital Economy Index report released in mid-June.
China saw customers start shopping online in much greater numbers, while 13% of Europeans said in April that they were preparing for the first time to explore e-tailers. During COVID-19, Italy, one of the hardest-hit nations in the world, announced an 81% rise in e-Commerce transactions since the end of February.
Digital transformation brings major changes, and retailers should have a plan for change management in place.
Rise of new solutions for technology
In order to successfully carry out a complete digital transformation, the foundation must be strong-whether it is orders, products, inventory, a single view of customers, or a scalable architecture that supports dynamic changes in the business. In addition, choosing the right technology that can bring value is also one of the major challenges.
The trend for disappearing borders between digital and physical is already part of the consumer mindset. Innovations such as the Internet of Things (IoT) or immersive experiences offered by Augmented Reality (AR) and Virtual Reality (VR) only boost this driver.
What does the retailer need to do?
Retailers with a long history of high street influence will need to work hard to encourage consumers to return to the store. This will mean using a different approach than the one they just adopted to attract customers before COVID-19, but these different approaches should still complement the omnichannel model.
Retailers may be in various phases of their path of digital transformation but are judiciously placed to:
- Allowing operational data to generate efficient insights into the supply chain, IT, and consumer requirements.
- Deploying tools and processes to serve customers effectively.
- Total automation and digitization of existing structures for them.
- Migrating their workloads to the cloud and using everything as a service.
- Needs to invest in to ensure future growth.
Great Innovous is expertise in the retail sector
Great Innvous solutions is a powerhouse of proven domain expertise and a skilled and collaborative workforce with years of experience in successfully delivering customized software development projects in the retail industry. Our talent pool has been handpicked from across different industries and the knowledge gained has been shared across our organization. Working on live projects across industries, regular training & development ensures that we are at the top of changing needs and the latest trends in the Retail industry we cater to.
To Name a few of our works in Retail:
Overview commerce: Retail-as-a-service platform empowering retailers to overcome competitive threads by unifying commerce and customer experience at all touchpoints.
TENX App: A comprehensive Jewel management application that helps jewelry whole stores to effectively manage the entire inventory, order/memo processing, job Tracking, and financial management system.
PurpleTab: Great Innovus's Flagship product-focused to provide a better retail experience to customers.
Our Retail solutions span across different businesses such as Jewellery, apparel, Real-Estate,eCommerce, and other retail Verticals.