Digitization in Retail: Enabling Transformation for a Better Customer Experience and High ROI

The winning way forward for physical retail owners is to leverage next-gen retail innovations that will yield high ROIS and create sustainability in the retail business

- Chinmay Nayak

Steve Jobs once said, "Technology by itself doesn't make leaders. Technology only amplifies true leadership."The retail industry is evolving fast. This evolution can be mapped through changing consumer demands and, most importantly, consumer behaviour. A decade ago, we would see cities full of busy retail stores and consumers waiting for the stock, even if it took a long time.

Today, not only has consumer purchasing power become more volatile, but consumers have also become more brand conscious. It is hence important for retailers to tailor their retail management to the current consumer landscape and what motivates them and their purchasing decisions. They need to also understand how technology is making all the difference in converting tangible customer delight to revenues.

The Brick-and-mortar Retail Reset 

The retail industry had its fair set of challenges during and post the pandemic. In the current economic scenario, we see retail businesses struggle with balancing product prices amid surging inflation or ensuring the right product stays at the right place when consumers most need it. Retail business owners have had to embrace digitalization and shape their business models to make them more stable and profitable.

Why it is necessary to rethink the way retailers operated in the past and how embracing technology and digital tools will add value to the business:

To reinforce consumer relationships: Understanding the categories consumers focus on and responding to their needs will help drive value for the price.