A retailer’s journey to digital transformation and its challenges.
“When patterns are broken, new worlds emerge.” – Tuli Kupferberg.
Yes, we live in a new world! A world that has brought forth the fear of human connection, and that which has forced the entire human race to live behind shut doors.
Though a lot of us working from home have had the chance to sit on cushions, the impact of the pandemic has been hard on SMEs. Some SMEs or retailers who had little or no online presence were hit the hardest. Many had to shut their brick-and-mortar stores to keep their business floating while some had to look for other job opportunities.
One thing that is common to most businesses is that organizations must sell their products to consumers effectively. The disruptive environment and the crisis had made it clear to all, the importance of digital technology to the retail industry.
The pandemic has forced the retail industry to transform and rethink its models digitally. The need of the hour for the retailers is to find quick and innovative ways to amp their business models to liquidate stocks and generate revenue.
A digital transformation is not about making a retail store compatible with digital commerce but also about creating an engagement, streamlining processes with technology. The path to digital transformation is beyond marginal improvement. While retailers can navigate the retention and satisfaction of their customers by their services, there are some challenges that come along with the onset of a digital transformation.
The challenges in the digital transformation of the retail industry are:
Implementation of new ways of working.
Many departments in the retail businesses work on their own tune, a digital transformation messes up the legacy way of doing things. Retailers usually think twice to implement new ways of working, afraid to prove the ROI.
Are the businesses transformed?
Though many retailers are waking up to the new dimension, it does not seem to be enough. A transformation is just not putting up a website or a mobile application to sell stocks. It is about creating an experience for the customer, building trust, loyalty, delivering on time and is also the allocation of resources and budget and the ability to follow it with certainty.
Complexity in the retailers’ operational journey.
For those retailers who have been handling their business themselves, outsourcing the burden is a complex change. A digital journey requires a trustworthy partnership for all customers, stakeholders and enterprise entities. The need to find a digital commerce service provider is paramount, the right partnership can give rise to a stellar transformation.
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Selecting the right technology
The internet is a cocktail of technologies. A retailer needs to select the right technology to bring value. A transformation like digitization requires the retailer to take evaluated risks to understand and implement the new infrastructure and technologies suitable. The bedrock of digital transformation has to be a scalable architecture to support dynamic changes in the business. For a successful digital transformation, look no further. Click here to embark on your digitization journey with YouEx.
Despite the challenges and the risks posed by digitization, retailers have to embark on the transformational journey at the earliest. A good understanding of the technology and self-assessment can help retail businesses identify the changes the management should strategize to facilitate transformation.