Digital transformation has become an impending necessity for retailers. If retailers want to scale using the modern disruptive environments, they need to build acceptable, adaptable, and composable business models.
The ongoing COVID-19 Pandemic has forced global retailers to fundamentally reassess how they want to do business in the future. The Pandemic has pushed retail digital transformation forward with a great thrust. However, it has also highlighted the importance of digital technology to the retail industry.
Although many retailers are moving online, changes in consumer goods preferences, spending patterns, and new purchase channels demand digital transformation at the core. Retailers are adopting digital technologies to meet changing expectations by opting for new ways of improving operational efficiency. They are introducing new or connecting existing business systems using CRM. eCommerce, ERP, WHM, and PIM solutions.
Technology trends like data analytics, big data, augmented reality, and robotics need a significant change in the operational models and processes. Therefore, it is expected that retailers will adopt them gradually. However, retailers want to accelerate digital adoption to meet customer expectations, predict future demand, and seek to work more efficiently.