Understanding Challenges and Identifying Opportunities to Enable Breakthrough Solutions for Retail Success in 2021 and Beyond

The outbreak of the covid-19 pandemic saw a global lockdown forcing retail stores to shut down initially and reducing customer facetime. On the back of digital shift and integrated supply chain systems, customer behavior and expectations also changed. Retailers face an unprecedented challenge of surviving in the market as new alternatives and selling models emerge every day. The biggest roadblock for the retailers in the current market order is to reach self-isolating customers. From reduced customer interaction and digital ignorance to manual inventory management, retailers are left to grapple with a host of challenges.

Along with adversity, the current market situation has also paved new opportunities for the retail industry. Technological transformations like AI and data-oriented tools are no longer optional for retailers to optimize customer engagement. Virtual stores with virtual sales assistant are the new normal. From automating retail planogram processes to leveraging analytics from the ground up, retailers must implement modern technologies to forge ahead in 2021 and beyond.

Problem statement:

  • The health and safety guidelines in the wake of the covid-19 pandemic have forced retailers to limit their in-store operations leading to reduced customer footfalls
  • In the absence of automated technologies and limited workforce, retailers are unable to keep up with day-to-day retail operations and customer management
  • Retailers are unable to keep up with rapid technological shifts within the retail industry, which brings down their efficiency and hurts customer relationships
  • Non-implementation of AI and BI analytics tools leads to ineffective visual merchandising, retail activations, and inventory management

This whitepaper examines the challenges within the retail ecosystem. It can help retailers and business leaders identify the emerging trends and future-forward solutions for enabling modern-day retail.

Key Takeaways:

  • Understand the key challenges within the retail sector
  • Identify modern trends and practices to optimize retail operations and maximize customer engagement
  • Innovative retail solutions to navigate the challenges and maximize the opportunities for growth and profitability
  • Ensuring continuous adaptability of the retail business in 2021 and beyond

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