In this digital era, retailers have to look beyond selling and introspect on their existing business processes.
A retailer’s world is a disruptive ecosystem.Technological advances have transcended traditional retail businesses to sales channels never thought possible hitherto. Couple this with data explosion and the added onus of enhancing brand perception—you get “The Achilles Heel” of modern day retail.
Challenges faced by modern day retailer
Technology has empowered consumers like never before, placing them in the driver’s seat. From this vantage point, they have the power to influence a brand via social media, print media, and other communication channels.
Retailers must be able to device a method to intelligently sift through the voluminous and varied data set to unearth meaningful insights that can be effectively used to optimize operations and enhance consumer experience.
In this digital era, retailers have to look beyond selling and introspect on their existing business processes. Their sole objective should be to adopt contemporary technologies to augment or replace existing solutions that can provide a real time, bird’s-eye view of the problem at hand.
Therefore, to stay competitive and relevant, the retail industry should consider proactive consumer engagement as the key to:
- Drive demand
- Optimize the pricing and operational management components of the super sensitive retail supply chain
Demystifying big data—the way forward
Disruption is omnipresent. Technological advancements have made consumer demands challenging to fulfill. With volumes of disparate data sets available, retailers can harness the power of Artificial Intelligence (AI) to create intelligent mining bots. These bots can be leveraged to sift through the data available and deliver causal models or facets about business consumer engagement, unknown before , in a flash. Retailers can efficiently adopt AI by deploying an infusion of Deep Learning networks to architect models and progressively update, based on market and consumer dynamics.
These models have the power to turn a retailer from being disrupted to be a disruptor in a short span of time. Cybage’s DecisionMinesTM is one such platform that can intelligently create valuable insights across the retail ecosystem, supplemented by a prescriptive course correction strategy that can optimize existing business processes and improve the bottom line of retailers.
Embracing digital transformation in retail
Digital Retail is here to stay. Retailers can succeed if they choose a planned approach towards embracing digital transformation. Cybage has helped retailers embark on the digital transformation journey by mapping consumer journeys, standardizing operational and back office systems, as well as designing automated processes and targeted marketing to make this move less disruptive. Retailers can adapt to this new trend by moving away from solutions that deliver only incremental value, to models that have a direct bearing on consumer retention, loyalty, and operational and financial efficiency.
With digital transformation, retailers can derive meaningful actionable insights and swiftly adapt to changing market conditions.
Benefits of a causal model
Timely insights supplemented with prescriptive suggestions can provide an engaging consumer experience. The heavy lifting is easily accomplished by AI. Traditional retailers can use this model to efficiently manage areas such as:
In-Store Experience: Reinvent the retail store using AI-driven models. Retailers can easily identify star performers, get a prediction regarding employee attrition, and create consumer experience zones uniquely tailored to each consumer.
Customer Service: Enhance brand image by proactively knowing consumer preferences. Easily schedule campaigns and promotions that showcase consumer needs and drive sales.
Supply Chain: Retailers can leverage AI-powered location analysis, demand forecast, price sensitivity, and other factors to develop a data-aware supply chain ecosystem.
Disruption is the norm in modern day retail. To stay ahead of the competition, retailers have to use AI to create valuable insights for remaining relevant in the current business scenarios.
The article has been penned down by Ashwin Parmar, Senior Vice President, Head - Retail Practice, Cybage