Digital Transformation in Retail
Digital transformation in retail is radically changing the retail industry with the introduction of new technology and ideas. Digital-centric business models are forcing retailers to re-imagine the in-store experience in an increasingly connected landscape.
In the past, retailers connect records / document retrieval system, engagement system, office productivity tools and Point-Of-Sale (POS) solutions to meet their business needs. All these solutions or systems are stand-alone that needs to be pieced together to make a complete solution. Today retailers have the option of a unified system of intelligence to stay on top of their game. One single solution to handle the end-to-end needs of a retail company from back-end to front-end and back office. Embracing unified solutions avails retailers with four key priorities: engaging customer,s empowering employees, optimising operations and transforming products.
Digital transformation unites information silos that allow improved encounters that drive higher conversion rates, larger basket sizes per customer, and reduced churn. Regardless of whether they are on social, mobile, chat, web or in-store, a unified business strategy enables customers to pick up where they left off – by checking the availability of items online or accessing their wish list and shopping cart across channels. This also allows retailers a deeper understanding of customer behaviour, inclinations and preferences, which establishes the framework for more personalisation.
Digital transformation empowers retail employees to achieve more by creating a work environment that is intelligent, flexible and secure. Access to resources and insights improves decision-making and eases collaboration with colleague and partners. Employees can quickly get ramped up and instantly switch task, shifting from inventory to clientele, for instance. Employees in the store and the back office get a 360-degree view of product and customer information to deliver exceptional service. Modern POS solutions are unlike traditional POS that only provide information but also give recommendations to cross-sell and up-sell.
Data is a strategic asset enabler for retailers to optimise operations across their entire business, from merchandising and fulfilment to in-store transactions. In terms of merchandising, cross-channel analytics and intelligent forecasting enable retailers to make better decisions based on data-driven understanding of what will potentially sell. Predictive analytics tools help retailer maximise profitability by determining optimal pricing and promotions. Centralised fulfilment and inventory management help retailers move products smoothly and cost-effectively through the procurement, sales, reorder and replenishment cycle.
In a competitive environment, retailers must continually deliver new products and services, as well as find new ways to deliver better value to customers. Improving internal processes and workflow is also a key area to provide better offerings to the customer. Fostering a culture of innovation can also help to transform and enhance your business’s products and services.
MicroChannel, Your Retail Solution Partner
Digital transformation requires a technology partner who understands your business needs together with a strong background in technology solutions. With best-in-class technology, deep industry expertise and over 20 years of experience in the industry, MicroChannel is empowering retailers to adapt and compete in a competitively complex industry. Speak to us today on how an end-to-end retail solution helps you to embrace digital transformation across your business, brings together disconnected data silos and allows you to handle the full spectrum of your retail operations.
To learn more about MicroChannel’s retail solution and how to transfer your retail business, contact us.