What Business Leaders Must Do Now COVID-19 forced digital transformation to move at an unprecedented rate, by some estimates fast-forwarding consumer and digital business … It is very important to Retail, where operators are constantly looking to optimize business processes and service delivery. Zara is a leading example. Here you can change your Privacy preferences. Digital retail is now centre stage, and retailers have to find new ways to engage and retain customers or risk becoming irrelevant. When you visit our website, it may store information through your browser from specific services, usually in the form of cookies. Forrester, 2018: “Digital … Our website uses cookies, mainly from 3rd party services. With the emergence of the digital price tags the physical strain on retail teams has come down significantly. After completing her graduation from The University of North Texas, USA she dove deep into the world of operations management and business development. For instance, a newly engaged woman may try on her wedding gown virtually, and see herself walking through one of many possible wedding locations. A report from Gartner states that about a 100 million customers are set to engage in shopping experiences involving AR. I explore all things Digital Transformation. Voice based search has taken off in recent years, especially as a function on app-enabled smart phones. The physical labor involved in attaching price tags to individual items and maintaining a list of the stock left is a herculean task. 60% retail shoppers make it a point to scan the QR codes to access more product information today. Over the past decade, he has led many defining transformative projects with industry leaders such as 7-Eleven, Verizon, Halliburton, TransCore, BCBS, AAFES, PrimeroEdge, Gulf Oil, Spreetail, CEC among others. I am a principal analyst of Futurum Research and CEO of Broadsuite Media Group. Improving retail customer experience while changing the system overall is the prime focus of digital transformation and the QR code is yet another enabler. Apart from clothing brands, there are other retail brands too who have chosen product customization as their digital transformation strategy. With a customer first approach, digital transformation in retail has risen the shopping experience of customers in unfathomable ways. In the modern retail ecosystem where the consumer is in control of…, 6 Types of Product Recommendation Engines Your Retail Store Needs The retail…, The most striking trend witnessed by the retail industry in recent times…, Subscribe to the latest news from InfoVision, 2020 © Copyright InfoVision. It’s safe to say that the retail industry is among the industries that are most affected by digital business transformation for several reasons as they shift towards more service-oriented models, with many … Augmented Shopping. He encourages design and implementation of custom frameworks to deliver actionable insights to our clients. No task is too complex or extensive for Somesh Pallikonda. Augmented reality could mean retailers keep more of their sales because consumers more fully understand what they’re buying at point of purchase. Technology can help as can strategically implementing around the top 5 digital transformation trends in retail. The five trends include that: 1. Now, Now, Now. Traditionally, the retail industry has focused on product. I’ve seen examples like Chico’s utilization of SAS for advanced retail analytics that allowed the company to consolidate omni-channel customer data in 2 hours rather than 17 hours enabling more rapid delivery of timely offers and less stress on infrastructure. New research, believed to the first survey of this scope and size to be conducted globally, reveals almost every aspect of current and future ICT … Their factory at Alabama does exactly this-manufacturing apparel based on unique size patterns. Cloud services. While we believe the content remains of interest, it doesn’t take into account major events since that … Should Employers Make Getting It Compulsory Or Focus Efforts On Aggressive Communication And Education? Rajesh brings the unique blend of knowledge, tool sophistication, and process excellence to InfoVision Social’s business model. We may even see people paying for these virtual experiences, which makes the ideas of “retail” and “reality” themselves even more confusing. Studies show that, This is an important trend that will continue to come to the top of the list for at least the next few years. For CMO’s and business leaders, investments in advanced analytics platforms that can leverage the power of machine learning and AI is critical to retail success. Amazon and Best Buy have centered themselves around the utilization of  digital labels. With a Masters of Business Administration from Ohio University, Rajesh provides the executive governance of strategic and delivery aspects of InfoVision Social. The savviest retailers will be gathering that information from endless sources like social media to IoT sensors and using AI and deep learning to make the shopping experience as easy and personalized as possible. VR is finally coming out of the gaming world and is being used to create virtual reality tours for customers. With Gartner insights and guidance, learn to uplift customer experience through digital transformation in retail. His technical expertise, business acumen, and strategic skills position him to be a leader in many domains including Digital Transformation, Artificial Intelligence, Big Data and Analytics, DevOps, IoT, Mobility, Product Application Engineering, and Cloud. Digital Transformation Trends 2020-2021 Global Retail Industry. Leading departmental store, Noordwijk, employs digital labels through the men’s and ladies fashion sections in order to drive sales and enhance profits. The labels give information about the price, any offers/discounts at the current time, happy hour, flash sales and stock position. For the rapidly evolving retail industry, five key areas are emerging that offer the biggest opportunities for digital transformation.  7 minutes reading. She joined us as a Business Development Manager and quickly proved her mettle, ultimately becoming the Vice President of Enterprise Applications. Studies show that 88% of consumers are willing to pay for same-day (or faster) shipping. I can also see tools built by a company like Nordstrom that allows a photo of a garment to be used to pair and recommend additional items being tied to a social profile that can look at existing clothes and accessories shared and/or written about positively on public platforms. Again, AI is taking the lead in these technologies, making things like visual search possible. All Rights Reserved, This is a BETA experience. However, for better or worse, COVID-19 has rapidly and massively opened digital … The core goals of digital transformation are becoming more responsive to changing customer preferences and market trends. Digital Transformation (DX) is a global phenomenon across many industry sectors. Top Five Digital Transformation Trends in Retail In Digital Transformation by Daniel Newman April 26, 2017 Leave a Comment This week, I launched a new series focused on the biggest digital trends … The tech savvy customers have changed the … 10 Disruptions in Retail through Digital Transformation Indian retail is undergoing a rapid transformation propelled by several factors such as rising household incomes, increased consumerism, e-tailing, … His cross-industry domain expertise along with his experiences in formulating digital strategy, planning, business alignment, architecting, value- & ROI-driven execution, and innovation, sets him apart as a highly sought after thought leader. So much so that experience has emerged as a major differentiator in retail … In digital transformation, consumers love a seamless experience. Visual search on the other hand is a retail trend that allows shoppers to find and buy a product just by snapping a photo of the product. As compared to a standard barcode, they can store much more data, URL links, geo coordinates and texts. Rajesh is a firm believer in innovations and solutions that employ unorthodox ways of leveraging digital media, which yield unique actionable insights. It is worth noting that blocking some types of cookies may impact your experience on our website and the services we are able to offer. But these new technologies and strategies, when used effectively, may be enough to win a bigger piece of the retail pie and e-commerce pie. Drivers of digital transformation in the retail industry. Vic Gandikota specializes in solving the sourcing and staffing concerns for global companies. He also handles IT outsourcing services and management for our key accounts, building long-term relationships with clients. As per the study conducted by Retail Perceptions, 71% of the respondents would be more interested in shopping with a retailer that provides AR based try-before-you buy options. The lines between digital and physical retail experience will soon be history thanks to digital transformation happening across the retail industry. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. ... Top three trends in digital transformation in the retail and consumer industry. Personalization holds the key to … I can see the drive of small and large Amazon competitors leading to a stream of third party logistics companies expanding their immediate delivery services to help those smaller companies compete. Indeed, while e-tail will hit $5 billion in value by 2021, it is estimated that 25% of purchased items are sent back. VR training. Predictive Analytics (Big Data). Being able to take a photo of a dress you see someone wearing on the street -- to be able to click the purse that your favorite social media influencer is holding in her latest Instagram post -- those are the things that are going to keep e-tail booking in 2020. Here are the top 8 digital transformation trends in retail. Clothing retailers too have joined the fray by providing information about their Company, alternate sizes and colors options and manufacturing information. The following are the big digital transformation trends in retail for 2020. Inventory tracking, stock availability, shipping details, and orders are all moving to … She started her journey with us in 2011 and since then, her customer-first mindset has helped our clients experience year-over-year growth. This is an important trend that will continue to come to the top of the list for at least the next few years. US grocery chain Kroger, has introduced digital labels across several of their stores thereby making it convenient to digitally display price and nutritional information instantly and remotely. A Mix of Reality and Virtual on the Spatial Web. Digital transformation is revolutionizing every industry. I spend my time researching, analyzing and providing the world’s best and brightest companies with insights as to how digital transformation, disruption, innovation and the experience economy are changing how business is done. The advent of digital technologies for collection, … Yes, those technologies are still percolating and will likely continue to mature in the coming year. Technology in this area is also catching up as companies like Microsoft launch second generation augmented reality headsets, which is one of many newer, lighter headsets and wearables that will make AR more immersive for retail customers and employees. While the challenges are many, digital transformation in retail promises to be an exciting journey worth taking as the trends show. Retailers such as Eloquii and Adidas have long since been experimenting with on demand 3D printed apparel. The focus is now shifting to customers and their experience. An industry pioneer, Rajesh has spent 15+ years working with Fortune 500 brands, helping them solve business problems. That’s why technologies like visual search and social shopping are going to skyrocket. Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. We can see from the rise of apps like Instacart and Shipt that people are drawn not just to the convenience of grocery delivery, but the ability to get what we need in two hours or less. This, in turn, helps enrich the quality of strategic decisions leading to business transformation for brands. The QR codes for wine bottles are incorporating wine’s origins and even suggest food pairings through QR codes. For CMO’s and business leaders, investments in advanced analytics platforms that can leverage the power of machine learning and AI is critical to retail success. QR codes are improving not just retail goods but experiences and services too thus bringing digital transformation to other aspects. Amazon another ecommerce giant has now moved from the brick and mortar space to a seamless shopping experience with the help of these QR codes. New research, believed to the first survey of this scope and size to be conducted globally, reveals almost every aspect of current and future ICT plans and issues in retail … As a result of this digital transformation concept, customers can design how their kitchens or living rooms  and even include virtual appliances and fixtures using a touchscreen. Other brands such as Lot Stock & Barrel and Atelier and Repairs, both clothing retailers are also  thriving on the customization approach. Levi’s offers its customers the option of personalized embroidery on their jeans and denim jackets while NikeId lets shoppers to completely personalize their sneakers for an unique experience. Digital Transformation In Retail Industry. But for 2020, I see some more significant trends moving the industry forward. Augmented reality(AR) refers to computer generated imagery that can be manipulated by the user. One example of this is … 2020 will be the year where it is virtually unnecessary to see, feel, or test a product in person before you feel confident enough to buy it, thanks to augmented reality. A hands-on visionary and a technology leader, Chithrai Selvakumar Mani has been instrumental in driving innovation and transformation to shape the digital future of multiple Fortune 500 companies and industries. Just as importantly, in my opinion, consumers didn’t have to download an app to try the experience--something that can be a huge deterrent for those of us burned out on downloading apps just to see if they’re worth downloading. Immediate Delivery Demand Some stats calculated by world steering marketing networks clearly show that the consumers tend to … Digital transformation in the retail and consumer industry This content was published in April 2018. Retailers such as Dunkin Donuts, 1-800 Flowers, Dominos and Starbucks have created Skills for Amazon’s Alexa that let consumers order items on Echo and other Amazon based devices. Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the spatial web. Brands like IKEA and Anthropologie now thrive on AR to maintain brand loyalty. Amazon Prime taught us that shoppers are no longer willing to wait more than two … Nissan, a popular automobile brand has introduced the option for buyers to select engine model, interior and exterior vehicle color, and so on. From a platform standpoint, Instagram and Pinterest have helped pioneer social shopping, but I also see more and more integration opportunities for bigger retail platforms both brick and mortar and virtual. We recently saw, Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. Next up are the big digital transformation trends in retail for 2020. As a visionary, he introduced the point-of-sales system to over 4.000 stores in the USA and back-end retail solutions for over 800 global stores. Anil’s extraordinary people skills and keen intuition mean he can spot leadership ability from miles away. Retail organizations have never had an issue collecting lots of data, … I spend my time researching, analyzing and providing the world’s best and brightest. Companies such as On Point Manufacturing have now enabled the production process wherein shoppers can obtain apparels fit and size combinations not commonly found in stores. 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