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.
Previously, retailers connect systems of records, systems of engagement, office productivity tools and Point-Of-Sale (POS) solutions to meet their business needs. Today these retailers need to created unified systems of intelligence to stay on top of their game. Embracing this allows retailers with four key priorities : engaging customer,s empowering employees, optimising operations and transforming products.
Digital transformation unites the information silos allowing 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 checing availability of items online, or accessing their wish list and shopping cart across channels. This also allow 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. In a modern store, employees can quickly get ramp up and instantly switch task, shifting from inventory to clientele, for instance. Employees in the store and in the back office gets a 360 degree view of product and customer information to deliver exception service and modern POS not only provide these information but also recommendations on cross sell and up-sell opportunities.
Data is a strategic asset enabler for retailers to optimise operations across their entire business, from merchandising and fulfillment to in-store operations. 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 analytic tools help retailer maximise profitability by determining optimal pricing and promotions. Centralised fulfillment and inventory management helps retailers move products smoothly and cost-effectively through the procurement, sales, reorder and replenishment cycle.
To succeed in a competitive environment, retailers must continually deliver new product, services, improve processes and find new ways to deliver value to customers. Thinking and operating like a digital business fosters a culture of innovation that transform products and services.
GET IT ALL WITH MICROCHANNEL
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 digital transformation in retail will matter to your business, contact us.