INDUSTRIES
Retail
Reimagining the future Store using Artificial Intelligence and Cognitive modelling to transform shopping experience.
Digital Transformation in Retail
Digital transformation provides opportunities for retailers to acquire new customers, engage better with existing customers, reduce the cost of operations and improve employee motivation.
The ability to collect, process and share large quantities of data has led to some fundamental disruptions in the design of business models. The key factors impacting change include:
- Use data Analytics for micro- segmentation - personalized offerings
- Advanced AI based analytics to create customer microsegments
- Disruptive business models using digital enablers - Subscription, Hypermarket model
- Theme-based digitally- enhanced experiential stores
- Predictive On-demand grocery delivery
- Shift towards – Mobile App based programs, Blockchain based programs for contract management and supplier payments
- Data-driven algorithms for store’s assortment planning
- Adopt predictive models & real-time forecasting
- RFID chips to make supply chain more responsive
Cloud adoption is a double-edged sword regardless of industry; on one hand a potential step forward and on other an opportunity for transformation but one which brings risk of mistakes and security impacting errors – introducing opportunity for malicious activity.
What we can do
The ability to collect, process and share large quantities of data has led to some fundamental disruptions in the design of business models. The key factors impacting change include:
- Opportunities arising from micro-segmentation by leveraging data and advanced analytics engines
- Ensure seamless customer experience online and offline
- Tap into micro-communities such as Facebook groups, Instagram, Hashtags etc. for real-time engagement and interaction with their customers
- Leverage analytics (e.g. Dark Analytics) to derive consumer insights and provide targeted and contextualized promotions based on past purchases
- Shift from traditional supply chain to Digital Supply Networks (DSN)
- Explore solutions involving use of ‘big data’ and associated technology to enable a better, more holistic understanding in locating stock items
- Implement IoT and RFID technologies to get a real-time tab on on-hand, onorder, in-transit and open-to-buy products
- Implement break-through technologies (RPA, Blockchain, Big Data, NLP, IOT, etc.) in Finance, from a larger perspective, to drive exponential benefits around economics, risk, and value to the stakeholder
- Provide security compliance guidance from omnichannel strategies to implementing emerging payment technologies including PCI P2PE program.
Digital provides opportunities for retailers to acquire new customers, engage better with existing customers, reduce the cost of operations and improve business intelligence.