How Digital is Transforming the Retail Industry

1. How Digital is Transforming the Retail Industry successive.tech/blog/how-digital-is-transforming-the-retail-industry/ Impulsive purchase patterns drive digital omnichannel trade, where consumer engagement is most significant on mobile phones and service delivery is particularly customized. Emerging technologies, for instance, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR), have become essential to the heightened online shopping experience. Merchants are deploying data analytics and machine learning to leverage intelligent product suggestions and make better decisions on company’s core operational transformation. Multi-channel and social media have become commonplace for unified marketing projects and brand promotion to grow retail and typically link with user points of contact. Rewards of Digital in Retail Since the pandemic 19, the retail sector has been on the boom and witnessing a significant transformation in its operating and traditional brick-and-mortar store models. The retail landscape has become more competitive than ever. With the increasing use of smart devices globally, it is no surprise that mobile commerce will break all digital transformation records soon. Today, the customer is in complete control of their buying experience and unique purchase propositions, which is evident with the e-commerce landscape moving towards a trillion-dollar industry. With this massive growth in mind, retailers are adopting new-age technologies to keep them in the race and remain competitive. But despite this, many small and medium-scale businesses are slower to adopt digital due to multiple mitigating factors, budget, and the proper assistance on top. Customer Experience Higher customer experience is at the heart of everything in retail and vital to increasing the bottom line. Today, business success depends heavily on the satisfaction rate of the customers and the relationship a brand builds to retain its user. 1/3

2. Scaling customer engagement with advanced customer relationship management (CRM) systems and analyzing customer data to generate granular insights have enabled companies to target market their products with the correct demography and design strategies to create lasting impressions and personalized experiences. Digital Empowerment Instilling a digital-first culture enterprise-wide and gaining confidence in adopting technology to equip all stakeholders with knowledge, skill, tools, and business strategy enables early success and an edge on the market competitiveness. With technological advancements such as data analytics, retailers can now access customer data to upsell their products through a single, easy-to-manage technology interface. By harnessing the power of data such as past purchase patterns, businesses are also improving their decision-making capabilities and driving targeted sales. Optimized Operations A proficient business strategy, tied up with technology-driven solutions such as cloud computing and mobile applications, has helped retailers to automate mundane tasks, streamline routine operations, and provide customers a better engagement. Promoting the integration of digital into every aspect of retail operations, particularly in a multi-channel ecosystem, has resulted in higher operational consistency and provided a more accurate view of critical cross-channel operations, including third-party logistics, incoming and outgoing inventory, transactions, order management, and fulfillment. Innovation at Scale From product to platform, technology software, such as predictive analytics, advocate the pace of innovation by actively keeping an eye on the latest developments in the global retail sector and new offerings businesses are bringing to market. Businesses can now prioritize their most significant ROI components and reimagine their sales and marketing strategies by leveraging preventative or reparative measures. These actions are generated through business intelligence to identify new products, areas of expansion, new revenue streams, and overall growth. Getting Started with Successive Digital We bring an infusion of industry-leading technology capabilities with our years of experience in retail and commerce landscape to help our customers build a future-proof and result-oriented business practices. Our retail digital transformation solutions include strategy & consulting, cost optimization, platform enablement, customer experience and infrastructure. Technology Enablement Retail Strategy Managed Services 2/3

3. Technology Enablement Retail Strategy Managed Services Our retail expert team helps retailers select the optimal platform for digital experience, commerce, cloud, and marketing, coupled with successful enablement assistance. We help create a comprehensive digital framework that helps businesses transform their enterprise and redefine their products digitally. Our specifically designed managed services monitor all business-critical applications, data, and IT workloads, along with application maintenance and support. A look at digital transformation trends in retail Alongside technological changes and consumer purchase habits, mobile commerce or m- commerce has increased due to many tech-savvy users preferring to buy online. Aggressive pricing and a wide range of product offerings have also translated into growing online stores and e-commerce platforms globally. Leveraging big data is becoming a vital practice for retailers to understand their customers better. The modern customer expects a hyper-personalized shopping experience, and to deliver that efficiently, brands are catering to the customer experience demand using predictive and prescriptive analytics such as intelligent inventory management and warehouse automation. IoT is transforming the retail sector by bringing in more real-time control and visibility into the entire supply chain. With use of sensors and data tags, retailers can track logistics, plan peak demand, and end-to end automation in inventory management. IoT is also enabling better connect between suppliers and customers. Companies are now reaching customers through multi-channel strategies, including social media platforms. A professional and effective way to target the correct set of customers is by leveraging campaigns and profile-based engagements. Social media marketing also helps brands retain their customers for extended periods. Category Other Blogs 3/3