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Digital Transformation: DefinitionIn today's scenario, things have taken an abrupt change when speaking of business. Digitalization plays a significant role. It helps in planning the business strategies, it brings amendment in the culture and also provides better customer experience. So that business could meet the market requirement and changes occurring around it. Digital Transformation in Retail Industry brings a revolutionary change in the field of business. As digitalization helps in scaling the business up through, it is also a way of execution. To have a successful business one must execute this policy so that the growth of the company should not be restricted and especially in case of retail. Retailers must implement this to have a full fruit output.
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Why Digital Transformation is Important in the Retail Industry?The reasons why digital transformation important in Retail Industry are:-
- Transition to mobile - People now days are using smartphones on a large scale not only for calling purpose but also for many other purposes as well. They are using mobile phones for buying things as well as for taking different services which they require. They are making online payments using digital wallets to buy their items, So the retailers need to bring their business online so that they could get the benefit of this factor and which would result in the growth of the market.
- Wearable Technology - Another factor that plays a significant roll in scaling the business up in the field of retail is the usage of the wearable. Mostly a lot of people now days are using a different wearable to buy things and are frequently investing in it. So this is a very significant thing for the retailers to understand this factor because they have even greater access to notifications and information that they can use to help make their purchasing decisions.
- Smart Beacons- Retailers are giving their full specialize in digital Transformation thanks to the introduction of the latest technologies that allow you to implement market strategies. Brick and mortar stores are competing not only among themselves but also with Internet retailers. Due to this, a brick and mortar retailer must specialize in the uptake of varied technologies and methods which will help them avoid competition within the market. Smart beacons provide a singular and right way to capture new customers by informing retailers whenever customers are around their location. It enables retailers to send marketing materials, promotions, and more effectively
Best practices for adopting Digital Transformation in Retail MarketGiven below are the best practices for adopting Digital Transformation in the Retail Market:
1. Understand the Activity of the customers
One of the most critical factors that you should do if you want to execute a successful digital transformation in retail would be to understand where your customers are actively engaging fully. One should perform social engineering the interest of the customer and must react according to the requirements and importance of the customer. This is a very significant practice as it helps in guiding towards the right path when it comes to solving out where you should be giving your time and resources.
2. Always focus on the Target Customer
Another significant factor that plays a vital role in implementing the digital transformation in retail is to figure out the way to how to best target your ideal customer and mainly focus on them throughout the entire experience. When you want to offer them what they want and understand what they need in the way they want, this typically focuses on incorporating the mobile strategies in your customer experience because nowadays customers generally use their mobile phones to shop things. In the past time, the retail model was primarily dedicated to and focused on being product-driven. So now they need to transform, and they must change to digitalization.There are also some other factors or things that one must be aware of when they are focusing entirely on digitalizing their business.
- Need to implement some quality business strategies and need to improve their effort.
- Need to invest in digital transformation strategies because it will take a lot of energy and resources to implement it successfully.
Benefits of Digital Transformation in Retail IndustryListed below are the various benefits of Digital Transformation in the Retail Industry:
1. Digital MarketingDigital Transformation in Retail is changing a way in which companies now days reach out to their customer in the most proficient method to target specific customers profile, and this also increases the client-side interaction with the company, which will benefit the product, service and company.
2. Omnichannel retailDigital Transformation in the Retail industry has a multichannel sales approach that offers a more distinct and personalized shopping experience to its customers.
3. AnalyticsBig Data plays a vital role and is widely used in retail. As it gives insights in the customer behaviour as well as helps in predicting the trend, Big data forecast demands, optimize pricing and business operations and customize your offer to be ahead of consumer and satisfy their needs and wants.
4. Cloud ServicesCorporations compete in industries incorporated by cloud technologies in an attempt to adapt to rapidly changing technological trends. It enables companies to improve their operations to serve customers efficiently.
5. Artificial IntelligenceA significant Artificial Intelligence change is the evolution of stores without cashiers as Amazon Go has an entirely automated supermarket in Seattle. It erases the checkout lines and cashiers. Some Other Benefits are:-
- Voice activation
- Virtual Reality
- Augmented Reality
- Sensor Data
- Face recognition