Before two years, retailers looked at technology as a critical path. Due to the recent pandemic, technologies have become the only way to sustain in today’s business environment. Retailers who thought they were ahead of the game in terms of technology, discovered flaws as the COVID-19 outbreak forced them to rely on digital services like never before. The adoption of modern technologies led a drastic growth in their revenue and operations. Additionally, 80% of the businesses have seen a rise in customer loyalty by a whopping 80%.
A few retailers find superior technology as their key competitive differentiator. The lessons learned and ideas generated during the epidemic will be important when the industry switches from maintenance to recovery mode, but they won't be adequate on their own. Retailers are looking to increase their spending on digital and physical shopping experiences to move their businesses forward. While the physical store will not go away, the future of retail will necessitate a reinvention of physical space for it to merge smoothly with digital platforms.
The key players in retail industry are increasingly looking for technologies to drive growth and improve operational efficiency. Owing to such considerations, the digital transformation market in retail industry is expected to witness growth at a CAGR of 18% over foreseeable, a report of AllTheResearch.
Key challenges faced by retail industry players
Since 2017, several significant retail organizations have declared bankruptcy. This should serve as a wake-up call for retailers, but it does not herald the end of retail. As the retail industry evolves owing to technological advancements, firms are always confronted with new issues. The retailers face challenges such as operational issues due to digital disruption, maintaining and using customer databases, satisfying evolving customer expectations, finding the right technology platforms, adopting modern marketing strategies, and execution of effective retail digital marketing strategy.
This paper is crafted on the back of the data collected from 25 primary interviews and in-depth secondary research. Read this paper to know:
Author Name: Nitish P.