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Retail Business Review | Friday, June 03, 2022
Businesses must go beyond traditional customer-centricity and tap into new value by balancing invisibility, indispensability, and intimacy properly.
FREMONT, CA: Consumer expectations have been changed as a result of the pandemic. They now want to be in charge of their shopping, where they spend their time, and who they trust. They have higher expectations of retailers, but retailers' power to influence them has decreased. These changes are making it more critical for retailers to play a different role in the lives of their customers. New platforms and innovative services are being used by many companies that are already looking for new methods to engage customers. Appropriately designed and integrated technology gives merchants the tools they need to deliver.
Managing disruption to take advantage of consumer trends
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Retailers are no strangers to disruption; for years, they've had to contend with the advent of technology-driven online competitors, start-ups, and marketplaces. However, many have not been on the cutting edge and have responded to dangers rather than anticipating them. Retailers must build on efficiency and operational excellence to create growth by reflecting on what customers want as they look to reset and move forward. Retailers can use technology to help them do this, but consumers' expectations have already been pushed further, leaving a gap that retailers must close.
Technology's value must be relevant to a particular retail strategy
It will not be a binary decision between physical and digital retailing. Technology also helps to know how external influences have accelerated the speed of digital transformation in retail. Retailers think 5G and the Internet of things (IoT) use cases to improve supply chain visibility and management are more appealing than before.
Top priorities of retailers when it comes to digital transformation
Merchants' top priorities include ensuring the business's efficient operation by prioritizing supply chain orchestration and critical infrastructure control. The three I's are explicitly addressed in their next set of priorities, with predictive or real-time operations and tailored products and services equally important. The following steps to deliver are customer insights, systems, process optimization, invisibility, indispensability, and intimacy.
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