20th Sep, 2021
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Covid-19 has accelerated transformation for retailers in the new normal. The players that pivoted business models and new-age technologies were the ones to stay afloat and sustain competitive advantage in the dynamic retail environment. As the pandemic continues, retailers are luring customers through new service propositions, backed by powerful AI & ML-led technologies. The new normal has compelled retailers to transform and embrace modern technology to set and thrive for new customer experience and improve in-store efficiency, enabling friction-free buying process. However, successful transformation doesnât take place overnight. It takes the skill and patience of a gardener. Denaveâs upcoming webinar, âRetail Blueprint in The New Normal,â will unravel new-world retail challenges and showcase NexGen solutions to deliver more immersive and unique customer experiences, thus increasing sales and business growth.
Enduring Covid Lessons – How Smart Enterprise Pivoted?
The retail industry responded to the pandemic like no other. However, the gap between retail leaders and laggards widened. According to McKinsey, the retail sector gained 35 percent market capitalization from February 2020 to April 2021.Â Retailers who catered to the customersâ needs were able to outperform competitors and thrive in the new business landscape. And retail management technology was the single biggest differentiator. Technology behemoths like Amazon, which clearly outran their counterparts during Covid, clearly aligned their robust IT ecosystem with business objectives.
Their infrastructure accommodates several code changes in a day. The IT architecture leverages powerful algorithms to identify customer needs and simplify customer engagement. Powerful load balancers responded to sudden spikes in customer demand with cadence. OEM retailers including smartphone and consumer electronics giants doubled down on phygital presence by fusing online with offline stores without missing out on the brick-and-mortar advantage. Robust omnichannel presence enabled them to sell products and provide after-sales support from more than one touchpoint. Successful retailers doubled down on virtual retail management software, contactless payments and were able to simplify buyer journeys.
How can other retailers replicate the same strategy?
The road to successful transformation begins with a great foundation. Retail transformation is not simply technology or cloud adoption. Real transformation requires a transformative vision, a step-by-step approach. The IT will demand cadence for managing demand fluctuations, identifying customer needs, streamlining supply chain, and integrating systems. In many cases, retailers have legacy models on-premise. These models are not compatible with cloud computing or SaaS stacks. The technologies need to be tightly integrated with the business objectives. Transformation is not a once-and-done thing, it is a continuing process with lot of moving parts.
Join industry experts accompanied by Dgenie
The upcoming webinar will bring a strong line-up of expert panellists and Dgenie (pronounced as Jee-nee) â Denaveâs first-ever retail solutions mascot. The experts will delve into emerging trends influencing the retail ecosystem and future-forward strategies that can help retailers to deliver more tailored, seamless, responsive, and consistent customer experiences.
Key structure & takeaways:
- What retail modernisation entails
- Steps to plan for technology prowess
- Enable business intelligence and maximize customer engagement
- Ways to smoothly transform retail operations
- Top techniques to upskill promoters
Walk away with new insights on how retailers can overcome present and future challenges and boost sales in the new normal.