Numbers dictate adoption of Digital Transformation

This is just the beginning.

The retail industry is experiencing massive changes on two fronts: the adverse effects of the pandemic and rapid advancements in digital technology. The pandemic has caused a negative impact on retail businesses all over the globe, disrupting the normal routines of workers and corporations in how they conduct their business. Meanwhile, advancements in technology have brought about significant adjustments that businesses have had to adapt lest they risk getting left behind by their clients and competitors, especially in the context of the pandemic.

In the technology space, these rapid advancements translate to digital transformation. It brings about potential new business models; streamlining operations and improving functions of the existing system. Retailers have quickly tried to catch up to these changes in order to more efficiently conduct business. As retail processes evolve, so does the customers’ journey.

Customers are now clamoring for personalized shopping experiences, whether online or on site. This provides the impetus for retailers to think beyond a singular technology and adapt an omnichannel approach to guarantee a personalized shopping experience for all customers. The tools, systems, and applications that are revolutionizing the retail industry include Big Data Analytics, Location-based services, mobile apps, IoT, AI, AR & VR, and fintech. These are the system accelerators and revenue boosters in the retail industry.

Digital Transformation
is finally here.

If you are on the fence about digitally transforming your retail organization, consider these statistics:

Mobile Apps

Enhances customer base relations on a massive scale as it allows for real-time marketing and communication. B2B/B2C.

Big Data Analytics

Modern customers appreciate personalised recommendations and Big Data Analytics is pivotal to this. B2B

Artificial Intelligence

Round out marketing efforts with AI to create one-of-a-kind customer experience. B2B.

FinTech

Studies have shown that by giving customers more options to pay, they are more inclined to purchase because of ease and convenience. B2B/B2C.

AR & VR

Early adoption of these technologies sends a strong signal to your customers that you are on the leading edge of innovation to enhance their shopping experience. B2B/B2C.

What Digital Transformation will bring to the retail industry?

To consider marginal enhancements in the technology aspect of your retail business would be moot. After all, digital transformation needs to be holistic, addressing issues of agility, innovation, data intelligence, customer centricity and better value propositions. It has to, ultimately, streamline processes, enhance productivity, improve efficiency across the transactional cycle, all the while lowering costs.

Retailers are now forced to rethink the way they do business as every aspect of it would experience disruptions. From product sourcing, inventory planning, employee training to marketing on various platforms, and most importantly, creating customer experiences that far exceeds their expectations.

Switch Connect is on the leading edge of these innovative tools, platforms, and systems that are guaranteed to innovate your retail enterprise. The forthcoming uprise in retail transactions whether online or onsite behooves retail businesses to quickly and properly adopt digital transformation to regain and retain market share position. Let us guide you in the right direction as you adopt digital transformation for your business.

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