Retail Digital Transformation Trends
Retail Digital Transformation Insights refers to the integration of new technologies into existing processes to create an improved customer experience and improve business operations. A successful implementation of retail digital transformation will also enable sellers to stay competitive, grow relationships with customers and reduce costs.
Many companies have embraced a digital transformation strategy. According to a McKinsey survey, best-in-class retailers are already well ahead of their peers in terms of achieving an integrated and streamlined customer and technology experience. These retailers are implementing new or connecting existing systems such as CRM, eCommerce, ERP, WHM and PIM eCommerce solutions.
These initiatives are driving significant changes for consumers and the industry. Consumers expect more flexibility, customization and responsiveness from brands and are looking for ways to interact with retailers through a range of new channels including chatbots, voice assistants and augmented reality. They want to buy online and pick up in-store and are increasingly demanding omnichannel shopping options.
Challenges and Opportunities: Retail’s Path to Successful Digital Transformation
In addition to e-commerce and omnichannel, other retail digital transformation trends include mobile shopping, adding Internet of things (IoT) capabilities to traditional products for analytics, and warehouse automation through the use of robotics. Some stores are even using interactive kiosks or screens in-store to allow shoppers to search inventory, find what they’re looking for or explore new areas of the store.
Some of these initiatives require extensive training for workers to get used to new processes and mediums. However, clear communication with employees and an agile and fail-fast approach to testing can reduce resistance and ensure that any new technology is adopted effectively.