The Expanding Impact Of Digitization On The Retail Sector – Shamayun Miah
Consumers’ traditional ideas of brick-and-mortar purchases have undergone a significant transformation into hybrid experiences throughout time. The adoption of smart technology and business models for the consumer is essential to drive the digital world given the rise of mobile shopping and e-commerce.
Moving quickly and maintaining an advantage over the competition is made possible by digital merchandising, demand sensing, watchful replenishments, and manufacturing online operating platforms. The traditional retail brands have also implemented multichannel methods to affect consumer purchasing patterns to maintain business in the dynamic market environment- Shamayun Miah.
What does the retail industry’s digital transformation entail?
Every industry has adopted digital transformation to enhance its offerings and facilities to stay competitive. In the retail sector, digital transformation is a driving force behind the omnichannel experience that meets customer needs and expectations through instant gratification, personalized push notifications, tailored recommendations based on market trends, strategic analysis, location-based marketing, and anticipatory shipping for fulfillment conveniences with an integrated view of consumer behaviors. All of these, together with the requirement to develop ground-breaking business models and find novel ways to generate revenue, are reasons to integrate emerging technologies into an enterprise’s digital transformation process- Shamayun Miah.
Challenges in the Retail Industry’s Transformation
Digital disruption is the result of the availability of several options at a customer’s fingertips before making a purchase decision, completely altering consumer behavior. In the wellness and personal care categories, Indian e-commerce order volume climbed 36% last year. While e-commerce in India is anticipated to expand by 27 percent and reach $99 billion by 2024.
Technology Solutions: Organizations no longer have the option of moving to the cloud or the internet- Shamayun Miah. Building a solid technical foundation, on the other hand, may enable dynamic business developments by maintaining orders, items, inventory, and customers.
Customer expectations are changing, as was already said by Shamayun Miah. Retailers must therefore keep up with the rapid changes in what customers want and expect, which can be difficult due to factors like changing buying habits and changing seasons. In this situation, analytics is useful. Retailers can employ analytics to comprehend customer needs and expectations so they can tailor their solutions.