The Digital Transformation Of Retail
Anik Bose, BGV General partner shares his perspective on the Digital Transformation of Retail. The digital transformation of retail is reinventing how retailers engage their customers, utilize their assets, improve worker productivity and drive supply chain visibility. Not only RFID, BLE and IoT sensors but also video cameras equipped with advanced computer vision algorithms are becoming instrumental in enabling supply chain reinvention while advanced behavioral analytics are changing in-store execution, pricing and marketing functions. While technology innovation is serving as a catalyst for this transformation, the shift in customer behavior is playing an equally strong role, as customers increasingly prefer using multiple touch-points for resolving issues. They often expect an integrated and seamless experience and furthermore, enriching customer experience requires that traditional and digital channels complement each other and be used simultaneously. The customer journey from engagement, product discovery, purchase and post purchase provides a good set of illustrative examples of this digital transformation.
- Engagement – Mobile devices are becoming central to customer experience and engagement; Social media is changing the ways of creating brand value and loyalty
- Product Discovery – Digital mediums and interactive displays are providing relevant context-aware messaging leveraging IoT and analytics; Need is being created on the go, at the point of discovery – not restricted to physical or virtual retail channels.
- Purchase – Omni channel is becoming a mainstream trend supporting the integration of the best of online and brick and mortar retail. Digital wallets and NFC are fast becoming a reality.
- Post-purchase – Point of service is being reimagined with proactive insights to delight customers. Customer 360 driven engagement and post purchase experiences and actions are coming together to resolve customer issues. Self-service is becoming easier with automation and digital IVR tools.