Conventionally, we look at the retail ecosystem from two angles i.e.; Front-end which is customer facing touchpoints and the other is the back-end being the Systems and Processes used to function smoothly in any retail organization, be it online or in-store.
This digital age presents us with tools and technologies for achieving greater levels of efficiency in operations, transparency in inventory and above all, enabling customer personalization. We can now add the third angle to the retail ecosystem being Strategy. Retail Digital Transformation is a holistic approach where we start from the basics. Let us study this in-depth:
Retailers should explore at Business models that increase engagement with customers and build the services as a proposition. Study the operating formats; segmentation and positioning that are favourable for a digitally enabled store and bring the focus onto personalization.
You can ensure seamless customer experience with device agnostic applications functioning online and within physical stores. For merchandising, promotions and loyalty programs, tap into social online communities to understand the nerve of the customer expectations in trending times. Leverage analytics to draw out conclusions for your next step forward. Likewise, Dynamic pricing and MPOS solutions would help further strengthen the experience and work cohesively in improving the digital experience.
With Big Data associated technology, retailers can move away from traditional Supply Chain towards Digital Supply Networks (DSN) and adopt warehouse automation for maximum efficiency. Emerging technologies of IOT and RFID assist in a demand-driven assortment mix and planning. Get predictive and accurate with procurement of stocks and vendor management throughout the year. Additionally, the support functions can be empowered with RPA, Blockchain, Big Data, Natural Language Processing (NLP), Internet of Things (IOT) for digitally monitoring, enabling customer centricity and driving sales and channel partners.
End of the day, all these technologies should make any retail organization agile at the back-end and digitally aligned to customer personalization at the front-end. Aspire’s Retail Digital Transformation solution is just fuelled with the right ingredients. Scroll further to discover yourself…