Pressures include the need to reduce costs, empower employees, reinvent high street spaces, and build customer loyalty. Customer experience is critical. It must be seamless, personalised, and immediate.
Physical stores are key to successful unified retail commerce. These fulfilment hubs are crucial to delivering a profitable, seamless customer experience. This is where frontline workers, digital technology and customers meet. Where technology can maximise efficiency and effectiveness to deliver real-time value.
Retail organisations need to replace outdated processes and legacy technology and transform to a digital business that can survive and thrive. Deliver a pleasurable, valuable shopping experience, both online and in the real world, through innovation.
Proper use of advanced analytics and AI enables retail to put the customer at the heart of everything. Understand market trends and challenges, as well as what customers want, and move away from traditional production and sales models, to meet these ever-changing demands.
Consumer attitudes are shifting away from cheaper, fast fashion and mass production models to more sustainable, environmentally aware modes of shopping. Customers care more about where products come from, how they are sourced and made, and what the supply chain is. Traceability is a critical capability required to deliver on climate promises & achieve science-based targets to reduce emissions.
The pandemic has shown physical shops are still needed but their role has been transformed to support and enhance the omni-channel experience. A high street presence is part of a wider range of hybrid activities. It needs the right IT infrastructure and digital services to manage operational risks, meet the ever-changing needs of the market and to deliver a seamless customer experience.
Just as the role of the high street is changing, so is the scope and complexity of digital channels to increase sales, profit margins and customer engagement. The aim is to put the customer at the centre of your retail strategy; to create a true omni-channel shopping experience. This requires breaking the siloes between the physical and digital, establishing the store as a digital touch point, and streamlining data management.
A successful supply chain needs to be connected, seamless and ‘just in time’, but achieving this is a major challenge. Real world events and disruptions, along with legacy systems, can seriously impact delivery and growth. Retailers need agile systems that analyse stock and inventory in real-time, predict demand, and decrease stock shortages at critical moments.
The retail sector has been badly hit by labour shortages, continued supply chain challenges and the impact of high inflation. An empowered, enabled, and connected workforce increases productivity and delivers a better experience for employees and customers.
Using technology to deliver efficiencies across organisations is essential to meet the ever-changing demands of customers and employees. Reducing waste in terms of time, money, materials, and energy. Enabling retailers to retain their existing customer base and engage with a new generation of consumers who are digital first, socially engaged and focused on sustainability.
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