Your Retail Coach
How Retail can Adopt Digital Transformation?
Index Your Retail Coach
1. Introduction 2. Data Analytics 3. Switch to Cloud 4 Novel Technologies 5. Advantages of Digital Transformation 6. Case Study – Wal-Mart 7. Case Study – IKEA 8. Summary
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
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2. Data Analytics Your Retail Coach
With retail data analytics, decision-making in almost every aspect of the business has become datadriven. 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
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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
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4.1 Novel Technologies Your Retail Coach
Artificial Intelligence is empowering machines to mimic humanlike 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 Learning can 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
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4.2 Novel Technologies Your Retail Coach
IoT is 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
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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
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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 technologydriven 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.
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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.
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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
support, digital
and
remote
marketing outreach,
customer 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
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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
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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
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To know more about "Digital Transformation", visit:
https://www.yourretailcoach.in/digital-transformation-in-retail-industry/
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