Retail industry is undergoing a transformative phase right now. Most of the retailers are looking to leverage technology to ensure their business is relevant and appealing enough to the modern digital customer. But the one technology that is really giving retailers a competitive advantage in the market is Robotics Process Automation & Cognitive AI.
Digital transformation has become an industry buzzword. So much so that it is dominating retail industry conferences, panel discussions, business summits, etc. While some leaders are terming it as their biggest business enablers, some are admitting that it is one of their biggest challenges.
When robotics process automation (RPA) was introduced in the retail industry, there was hardly any clarity around it. Many leaders had not even imagined the role it would play today in differentiating them from their competition. Now that these leaders are still coming to terms with RPA and are ready to explore its full potential there is a whole new revolution knocking on their doors!
Digital transformation has become a strategic goal for many business leaders. There is a renewed focus on exploring different ways technology solutions can impact a business. But digital transformation is not just about adding new technology to the existing mix. It is also about driving a cultural change.
Payless, another big box retailer, filed for bankruptcy for the second time on February 15. However, this time the brand made its intentions quite clear. It was closing down all of its 2,100 stores in the USA and Puerto Rico. But that’s not all. They also shut down their e-commerce website.
Retail industry has witnessed profound changes over the last 5 years. The focus of the industry is shifting from products to service and customer experience. Traditional business models have been disrupted by the new league of digital savvy brands that have emerged
Every time people talk about digital transformation, they refer to brands like Uber or Netflix. In fact, the term uberization is often used as a synonym for digital transformation. Both these brands have redefined their respective markets and made the traditional business models irrelevant.
Gamification solutions have been around for quite some time. Various industry verticals have tried to use them to boost productivity and efficiency. However, they seem to have found their true calling with the retail industry. In fact, convenience store brands have embraced them as a natural extension!
To Measure the Success of Digital Transformation Efforts? By now we know that digital transformation (DX) is not only challenging but also changing many of our conventional views. In one of our earlier articles on DX investments, we saw how traditional ROI calculations do not apply to DX investments.