Digital Transformation

Retail-Recommendatio
Retail Recommendation Engines to Improve Customer Relationships
Retail Recommendation Engines to Improve Customer Relationships 1024 366 InfoVision Admin

In the modern retail ecosystem where the consumer is in control of the marketing channels, cloud based contact center can offer your retail business a solution to connect to the consumers across multiple touch points. Cloud based service offerings can not only enhance omnichannel experience, but also streamline data flow and optimize your computing operations.

Recommendation system with purchase data is at the heart of the technological change in the retail sector that has transformed the way retailers interact with their customers. Retailers are now moving away from traditional marketing and finding newer ways to engage with their customers more efficiently and meaningfully by going the digital transformation way.

Recommendation engines encourage customers to explore newer products. They provide better and richer alternatives for items the customers plan to purchase. They also recommend options under various categories like related items, popular products, items bought together, and more.

These experiences are important to keep customers loyal to a retailer and consequently improve the retailer’s ROI. Netflix may not be a traditional retailer, but it is easy to understand how lost the viewers would be had it not been for its super-efficient, ever evolving recommendation system!

Recommendation Systems with Purchase Data

Purchase data

Recommendation Systems with Purchase Data

Recommendation systems with purchase data are introduced at specific points in the journey of shopping and at the end of the journey so that the customer feels fulfilled with their experience. For this, several players use decision tools. Called “automatic recommendation systems,” these tools analyze a customer’s purchase behavior and set the stage for  digital ubiquity in retail. By employing complex algorithms, they help retailers identify products the customer may buy if they were to display it to the customer.

Let us look at how the recommendation engines really work towards creating and maintaining an enriching customer relationship.

#1. Wide Products at Disposal

Recommendation engines are data crunchers. They have complex algorithms that gather information on consumers behavior in digital retails by browsing history of customers. They highlight the best-suited and best-selling merchandise based on customer reviews and ratings. The right recommendation engine also aide retailers to send emails and keep the customers updated with the latest trends in the category of the purchased item. Thus, these engines create a long-term sustainable relationship with the customer.

#2. Concise Presentation of Products

Many retailers use recommendation engines for targeted marketing via email campaigns and website pages. Thus, they are capable of recommending several products from different categories. All these results are based on browsing history and have a higher likelihood of being bought when presented at the right time and in the right manner. These algorithms also browse through numerous merchandises listed in the retailer’s database, and present buyers a much narrow selection of items that they would likely purchase. Implementing artificial intelligence can save time and deliver a better user experience. This feature helps create a strong trust factor as customers know the retailer’s capabilities and how seriously they take this relationship.

#3. Customer Satisfaction

Customer_satisfaction

Recommendations engines make the journey to intelligent automation seamless for the retailers and much more enjoyable experience for the customers. In instances where the visitor left the site for some reason, the recommendation engines play a vital role in getting the attention of the customers back to the website. Features such as the availability of previous browsing data save time and energy of the visitor. It assists them to take the shopping activity further. The best recommendation engines make the whole process more engaging and increase the satisfaction rate of the visitors.

#4. Personalization

Machine learning and intelligent automation make recommendation engines act more like the customer’s friend or family. They are capable enough to give the right recommendations. As human nature, when shoppers feel indecisive about a purchase, they always look for a piece of advice from someone known to them. The trust factor comes from the fact that they know the buyer well and will give good recommendations. Product recommendation engines collect data to personalize offers and ensure that customers are happy with their purchase. Retailers can earn customers’ trust and loyalty by proving how well they understand them.

#5. Retain Happy Customers

AI recommendation engine in retail empowers retailers to present multiple relevant options to the customers that complement their requirements. It makes it easy for customers to avail loyalty points which in turn helps the retailer to retain customers and keep them engaged. Machine learning and data science technologies record, cleanse, normalize, and aggregate data which results in an extensive inventory of actionable recommendations for the customers.

AWS Neptune – The Graph Database Solution

Accelerating digital transformation in retail is Amazon Neptune. At the core of Amazon Neptune is a purpose-built, high-performance graph database engine. AWS Neptune is optimized for storing innumerable relationships and querying the graph with milliseconds latency. It makes it easy to build and run applications that work with highly connected datasets, as in the case of recommendation engines. Amazon Neptune stores relationships between information such as customer interests, friends, and purchase history in a graph and quickly queries it to make recommendations that are personalized and relevant. With AWS Neptune, retailers can use a highly available graph database to make product recommendations to a user. The recommendations are also based on merchandise purchased by others who have the same requirements and have similar purchase histories.

Digital   transforamtion retail

Happy pretty young Vietnamese shop assistant giving paper bag with order to female customer

CONCLUSION

By going deeper into customers’ interests and preferences, product recommendation engines display more-relevant and predictive recommendations in today’s curt-throat retail digital transformation market. These tools are capable to access a broader range of merchandise to include niche items in shoppers’ recommendations.

 

 

Digital Transformation on Back-end of Agile Retail Organization
Impact of Digital Transformation on Back-end of Agile Retail Organization
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The most striking trend witnessed by the retail industry in recent times is the unprecedented rise in the number of start-ups with their disruptive and innovative business models. But have you ever wondered what decides their future in the ever-competitive retail ecosystem? It is their ability to react at that crucial point where their growth starts adversely affecting their agility. The faster they recognise the impact of digital transformation on agile retail, the smoother is their transition from a promising start-up to a mature enterprise.

Scale Vs Agility: Maintaining the Right Balance

Most retail start-ups begin their journey modestly. They operate as a small independent unit with flexible supply chain, an easy-to-manage inventory model and a customer-friendly front-end experience. Their size allows them to stay agile and increase their sales volume rapidly. But with rising sales, they reach a tipping point where they must measure their scale vis-à-vis their agility. At this stage, it becomes necessary for them to create a solid digital backbone and develop a back-end that has the strength to endure exponential growth while being nimble enough to respond faster to customer needs.

Staying Agile is Staying Alive

But why only the start-ups? If you are an established retailer digital transformation impacts you too. The challenges may be different, but the solution is similar. It is imperative for you to break the legacy of centralised operating system and implement a digital adoption strategy. A simpler and leaner approach designed around customer experience can certainly keep your business going.

Retail behemoths across the world are solving their technology problems to address customer pain points. They are undergoing end-to-end value chain transformation to become agile digital enterprises. Embracing agile approaches seem to be the only way out for them to accelerate efforts to innovate and stay aggressive.

A Perfect Digital Strategy: Flexibility Meets Stability

Whether you are a start-up or an established player – one thing is sure. You need to digitally integrate and support every element of your backend operation that includes planning, supply chain, logistics, finance and procurement to enjoy the benefit of digital transformation services. Choose a digital core that is standardised, scalable and open. It should be an ideal mix of flexibility and stability so that you can cater to your customer needs without compromising on innovation and continually improve your deliverables.

The Four Pillars of Agile Retail

The success of digital transformation largely depends on how efficiently you fortify the four pillars of agile retail. Make sure you:

  • Collaborate across functions by breaking down silos. Create an environment where all your back-end verticals work as a team.
  • Always take a customer-centric approach where the decisions are driven by data collected from customer trends.
  • Constantly respond to change and remain dynamic. There is no merit in following a rigid plan.
  • Invest in working software rather than wasting time on comprehensive documentation.

Digital Transformation: Digital_Transformation

 

Every agile retail organisation relies on a back-end operation that is driven by technology. Automation at every stage enables intelligent decision-making and timely adjustments. This gives the retailers an edge by creating unique and differentiated customer proposition. It also helps them expand product lines, introduce new services and personalise customer experiences.

To get down to specifics, here is how digital transformation impacts retail and its agility.

  • Breaking the Chain of Traditional Supply

It is not difficult to measure digital transformation in the supply chain of retail business. The way Digital Supply Network (DSN) is helping retailers reduce the traditional barriers of time and space is incredible. DSN is bringing transparency in operation and offering them new revenue opportunities. Its unique characteristics like always-on-agility, connected community and intelligent optimization support businesses to make informed decisions.

  • Giving New Direction to Logistics

Proper use of digital adoption strategy in logistics can drastically change the dynamics of your retail business. E-commerce is offering a level playing ground for small retailers to compete with the giants. Big data is facilitating a holistic understanding of the exact location of stock items. Robotic stock picking is empowering workers to maximise space availability. Warehouse automation will continue to improve efficiency and is all set to become popular in the near future.

Internet of Things is enabling retail giants like Unilever and P&G to reduce inventories and lower delivery costs. Amazon is effectively automating delivery methods by using drone-based deliveries. Similarly, Chinese e-tailer LightInTheBox is directly delivering to customers across the globe using digitally enabled logistics services.

  • Adding Value to Finance Functions

Digital finance is bringing a paradigm shift in the finance ecosystem by utilising disruptive technology, innovation, data and people. Be it automating repetitive finance processes through Robotic Process Automation, implementing Natural Language Processing (NLG) for efficient financial planning and business reporting or introducing Blockchain technology to eliminate intermediaries – digital   transformation can make your finance transparent and efficient.

  • Enabling Seamless Procurement with Digital Insights

Digital adoption strategy is already showing results in procurement and vendor management. Digital procurement solutions are providing retailers with useful data and better insights to frame supplier strategies. As a result, you can automate your transactional procurement, predict your strategic sourcing and establish a proactive relationship with your suppliers. Blockchain-based solutions are streamlining processes and making real-time vendor payment possible. Retailers are partnering with brands to design virtual showrooms using Virtual Reality (VR).

  • Removing Order Gaps through Accurate Predictions

Digital transformation is bringing accuracy to assortment-mix and planning process. It can answer specific questions like What is the right merchandise to hold? Or What is the right time for a product launch? You can seamlessly forecast transactions and plan your product mix correctly.

Tesco has successfully used predictive analytics tools to forecast the seasonal demand for ice-creams and manage orders in each of its stores. RFID chips allow Zara to instantly replenish the stock in its showrooms.

Accurate_predications

CONCLUSION

The impact of Digital Transformation in retail is immense. It can enhance your product experience, optimize operation and maximize revenue. However, the best way to measure digital transformation is to check out the smiles on your customer’s face. Only a reliable partner can show you the way with the right technology solution.

Retail Ecosystem – Collaboration in the Digital Age
Retail Ecosystem – Collaboration in the Digital Age
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The retail ecosystem is an agile and ever-changing one where it follows the fickle-minded customer. A customer who is easily distracted by the trends and wants to live in the moment, desiring instant gratification.

While consumers today increasingly want to minimize the time taken in making purchase decisions, the retailers at the same time want to minimize the cost spent on supply-chain, logistics, and operations. Digital transformation helps to sustain retail businesses and adapt to this change by making collaborations between internal teams and the customers possible.

As a result we have teams that are making use of cloud solutions to be connected at all times. They share data between themselves, allowing the teams to analyze and react in real-time. Reports start becoming more relevant and precise.

Ability to collaborate with the customer also has never been so easy. The customers can now have a seamless and omni-channel experience, allowing them to always stay engaged with the brand. Similarly, brands can follow the behavioral changes that their customers are going through and adapt accordingly.

Retail Ecosystem – Leveraging the Power of Process Automation

Retail EcosystemAs digital transformation in retail disrupts the industry, it is also providing a level playing field for all by creating ecosystems. Retail ecosystems redefine consumer expectations and reshape retail value chains. An ecosystem is the art of clubbing various consumer services in a single platform or app. It can offer varied services such as e-commerce, chat, streaming, gaming, booking services, or payments, and has the potential to attract a huge customer base. This, in turn, becomes an attractive database for retailers to analyze critical consumer data in a competitive market.

However, the success of the ecosystem is not merely its catalogue of services and the efficiencies of scale that it offers. An ecosystem needs to appropriately leverage the power of automation. RPA in retail sector, as part of an ecosystem gives the retailers access to customer data analytics, extensive logistics networks and cloud services. It provides the capacity to launch new services and in new geographies.

Sales Automation

Multiple studies done with CPG companies have shown that almost 1/3rd of the sales processes can be automated. Most of the tasks performed by a sales executive are repetitive and can be freed up to meet with clients and market products. An efficient ecosystem can automate some of the processes like auto-assign visits based on priority, assign/re-assign optimized routes based on real-time traffic feedback, cancel visits to locations where orders can be auto-fulfilled, etc.  This leads to focused visits and better outcomes.

Similarly, advanced devices integrated with the ecosystem can capture and process images using artificial intelligence and minimize the need for retail and CPG sales executives to manually walk the aisles checking for brand trade promotion compliances. Furthermore, these can be done remotely, thereby freeing up the executive to discuss products and potential new clients.

Marketing Automation

Marketing AutomationThe amount of data generated by the sales team is huge and is almost impossible to be analyzed and curated manually. This data processing and analysis when done in real-time allows marketing teams to personalize and curate campaigns that resonate with the mood of the customer. Automated analyses also provide a view on the efficacy of the marketing campaigns by using historical trends and capturing the pulse from the social channels in real-time.

Forecasting Automation

An extremely critical activity for manufacturers is their ability to forecast the demand to plan their production lines. The effectiveness depends on their ability to rightly categorize their products and consequently order, pre-order the parts/ products with their vendors. This is an area where automation is key and can help achieve very high accuracy when backed by a robust retail ecosystem.

Back Office Automation

Some of the easiest and quickest areas of automation which many retailers have already adopted are the back-office operations. Retail ecosystems that have effectively integrated robotic process automation can have streamlined processes for a variety of tasks. Managing orders from different sources and processing their invoices with accuracy and speed is one example. Similarly, exception handling in cases of errors, notifying vendors and reprocessing their orders can also be handled by process automation.

Contact Center Automation

Many digitally mature retailers have introduced automation in customer engagement while ensuring the human touch. Most of the interactions at the contact center are repetitive and can be handled by a bot powered by artificial intelligence. They are now adept to process text or audio as you write and speak and provide resolutions. This has greatly improved the speed at which queries are resolved, and if there are subsequent tasks to be performed, they are getting automatically assigned to the right teams. The contact centers are now becoming more efficient at processing and analyzing data they receive and can focus on understanding their customers better.

Before retailers invest in digital transformation or put together retail ecosystems, they will do well to engage digital transformation advisory services that they can trust. Such an advisory service will help them implement a digital strategy that encompasses the entire organization and not just a point-in-time initiative.

Contact Center Automation

CONCLUSION

Change is the only constant and is at the core of retailers’ success strategy. A cultural shift is required for retailers to embrace agility and be in relentless pursuit to serve unmet customer needs.

7-Myths-of-Cloud-Computing-Concept
7 Myths of Cloud Computing
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The usage of cloud technology is increasing and so are the cloud computing myths. When first introduced, misconceptions about new technologies are common and cloud computing is no different. Although being cautious and approaching emerging technologies with some skepticism may not be very wrong, it is vital to separate the myth from reality. Most of the cloud computing discussions are filled with misinformation leaving doubts about the functioning and benefits of cloud computing.

Being fully aware of the advantages and issues to look out for of the cloud-based model puts a company in a better position to reap in the benefits of cloud computing.

Top 7 Cloud Computing Myths

Cloud Computing is a Costly Affair

Cloud Computing Moving to the cloud may not initially save money. However, in the long run it is designed to reduce the overall IT spend. The cost incurred to move operations to the cloud depends on factors such as the amount of data to be stored, the number of users availing the service, and the scale  of enterprise application support and backup needed. The good thing is, cloud providers build the cost of security and maintenance into their service.

Where do you save?

Most cloud providers use a subscription model. Firms pay only for what they use. The cloud is capable to scale to the needs of the business quickly. Companies do not have to spend on servers that they require at a later stage. As usage decreases, so does the cost of cloud computing. Firms do not need staff for on-premises hardware updates and maintenance. Thus, the total cost of ownership reduces.

You Lose Control over Your Data on Cloud

If there is anything you lose control of, it is not of your data but of the liability of maintaining a physical server. After cloud migration, you will not be required to swap hard drives or install extra RAM as your business scales. Control of the data is still with the business as they regulate who and how users access the data and how efficiently the data can be used in work processes.

Chances of Cyber Attack Increases in Cloud Computing

Cyber AttackIs cloud computing secure or not? Is this one of your worries? Like any other technology, cloud computing is vulnerable to cyber threats, data breaches, and DDoS attacks. However, businesses should be assured of their data privacy. Cloud providers have security measures such as encryption and sophisticated firewalls in place to fend off most attacks. Managed services provider will encrypt all data, both in transit and rest. Furthermore, they connect to the cloud via dedicated private lines, instead of the public internet thus strengthening the security aspect. Thus, when in the cloud, firms and their cloud provider share the security responsibility by following the best cyber security practices at their respective ends.

Migration to Cloud is Quick and Easy

Migration to cloud is relatively straight forward. However, moving to the clouds without the right groundwork, blueprint, and cloud strategy is risky. It is important to build a cloud-ready foundation before the actual migration. The best cloud transition strategy includes descriptions of guiding principles, required skills, organizational changes needed, oversight responsibilities, and the technology architecture that facilitates efficient transition and successful operation.

Cloud Migration is All About Unaffected IT Infrastructure and Minimal Impact

Cloud computing is almost like a major platform shift. It changes application capabilities with respect to agility, functionality, scalability, and cost. Failing to commit to cloud computing risks maintaining outmoded IT practices, placing the enterprise at a competitive disadvantage. The impact of cloud computing on retail business is immense. Retailers who lag behind in adopting cloud technology fail to compete with faster productivity and competitive pricing of their rivals who are powered by cloud computing. As a result, most are out of the business shortly after.

Cloud Computing is an Answer to All Business Processes

One of the most pervasive myths of cloud computing is that it is the way ahead for all processes of a business. On the contrary, unless there are cost savings on the agenda, moving a legacy application that doesn’t change much doesn’t need migration to a cloud-based model. Cloud computing fits best where there is a need for flexibility and the business has the ability to pay for only what is needed and when. Worth noting, every business can benefit from the public cloud, but most businesses need a hybrid combination of public, private, and dedicated infrastructure.

Moving to Cloud is End of the Road

Moving to Cloud Cloud is an operating model and technology. Therefore, to achieve success with the cloud, conglomerates have to understand the importance of managed IT infrastructure and adapt their operating process to fully leverage cloud ideologies. Companies can go for different approaches of cloud computing. They can opt for re-hosting often via infrastructure as a service or get a complete changeover to an application implemented by a Software as a Service provider. Whatever path is undertaken, it is essential to understand the model and have realistic expectations.

What else you need in your plan?

Once the migration has been successfully obtained, the work has just begun. Ongoing cost and performance management has to be considered. Firms must include post-migration actions in their cloud implementation plan.

Once you decide that cloud computing is the way ahead for the firm’s further growth, research on the do’s and don’ts. Determine what type of cloud service is best for your company and go for a reputed company known for the best cyber practices that will serve you what you need.

Cloud Computing Blog Circle
6 Key Benefits of Cloud Computing in Retail
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How Can Digital Assurance Support New and Upcoming Digital Strategies

Cloud computing in retail provides retailers with a competitive edge over their eCommerce rivals by allowing them to have greater agility. The legacy systems used by offline retailers come with baggage that includes difficulty in integrating them with modern-day technologies and a costly affair to run the same. With cloud computing, retailers no longer have to worry about their legacy in-house systems.

One cannot deny the fact that retail as a service is expanding beyond traditional ERP, CRM, and supply chain management (SCM). In the cut-throat competition of today, the importance of managed IT infrastructure has never been more acutely felt. It is the driving force that can change the fate of the age-old retail industry and help them adapt to an ever-changing market. Brick-and-mortar retailers can benefit from various tools on offer to communicate better and faster with employees from other departments and locations. Effective collaboration between teams can result in streamlined business management by reducing miscommunication.

Where Does Cloud Computing Fit in Retail?

Cloud ComputingTo stay ahead of their competitors, cloud retail analytics and social media can be used to identify customer preferences and behaviors to offer personalized shopping experiences. Effective use of big data requires handling and managing massive troves of structured and unstructured data. It also needs significant computing power and storage. To handle all this, the best option is cloud-based solutions as they come with on-demand storage and powerful computation and analytical capabilities.

Advantages of Cloud Computing in Retail

  • Streamlined Operations

Streamlined OperationsMany offline retailers operate in a disjointed manner as they still depend on outdated legacy systems. This arrangement prevents them from efficiently integrating varied business operations such as inventory, shipping, development, and POS. If retailers move to cloud computing, they are capable of delivering seamless customer experience as per consumer demands. The impact of cloud computing on retail business means all departments and locations have real-time updates on the inventory, shipment, and other aspects of the business at their disposal. Since POS systems are moving from cash and cards to smartphones and tablets, retailers can implement cloud technology for a smooth transaction process and better customer experience.

  • Customized Shopping Experience

A big question that arises is can cloud computing manage inventory and shipping? Cloud computing empowers stores to instantly refer to the buying history of a particular customer, and check on the status of orders irrespective of when and where the order was placed. It gives retailers real-time access to all the data related to customers and their orders. This allows retailers to offer personalized recommendations, special membership offers, coupon codes, and other promotions and deals that add to the loyalty factor. Cloud technology can also help greet customers with a welcome message or deals of the day messages as soon as they walk in the store.

  • Cost-Effective Existence

Cost-EffectiveThe retail industry is one of the most rapidly evolving sectors. To cater to the fast-changing business demands, retailers need technology that must eliminate time spent on planning, procurement, budget approval for capital expenditure, development, and other operational aspects.  This is where cloud computing in retail comes in with a massive advantage over on-premises computing.

In cloud technology, retailers pay for what they use. They pocket in big savings on operational expenditure budget as they do not have to worry about hardware, software, and connectivity; even the system updates are taken care by the managed services provider. This aspect also cuts down on hiring employees to take care of the IT needs.

  • Scalability Advantage

All retailers experience peaks and troughs in business. Most often, businesses depend on promotions, time of the year, and even the weather. Thus, IT systems should be able to effectively handle the changing scenario. A cloud-based model enables retailers to contract the level of resources required for their actual usage and rapidly scale them up, when needed, in a more cost-effective way. Cloud computing in retail offers scalability at times of peak demand. Its cost flexibility is powered by the varied pricing option that depends on the increase or decrease of computing usage as per the requirement.

  • Better Supply Chain Visibility

SCM is one of the most critical business processes in the retail industry. A slip in any one of the processes can lead to irreparable damage. This is the time when retailers can look at cloud-based models. It connects every part of the business and thus provides better visibility into the supply chain and enterprise application support system.  It results in fewer stock-outs, optimized inventory levels, and enables retailers to capture real-time location data on inventory and compare their stock with that of other locations. Using cloud computing, retailers can assess each individual element of the supply chain, from order status to product marketing. Cloud technology can automatically record relevant data that retailers can then use to make changes to their business processes.

  • A Catalyst to Create New Products

Catalyst to ProductsData analytics capabilities delivered by cloud computing in retail allow retailers to develop new products based on customer feedback. Retailers can use this technology to compile information from online sources such as other retailers and social media platforms to create fresh products for their customers. With all the relevant inputs, retailers get better equipped to judge what the current fashion trends are and which ones are set to become popular.

It is difficult to predict where the retail industry is heading towards in the coming years. The nature of the industry is all about changing customer buying habits. However, cloud migration can adapt to the changing ways easily while retailers find new ways to communicate with their customers and run the business.

Implementation of Digital Transformation
How Can Retail Bounce back with the Implementation of Digital Transformation
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How Can Retail Bounce back with the Implementation of Digital Transformation

The road to recovery for the retail industry in the post-COVID world will significantly accelerate digital transformation and will eventually increase demand in the digital assurance market. The speed at which the retailers adapt to the changing situation and the flexibility of their approach will be crucial in deciding the future of retailing.

Changing Consumer Behavior in the Age of COVID- 19

Earlier, the retailers used to measure digital transformation with respect to its capability to address customer’s expectations. But the virus has left a lasting impression on the consumer behavior in digital retail. Today, as per a study by Ernst and Young, one out of three1 customers have strongly agreed that they will re-evaluate their expectations and no longer take certain things for granted. Similarly, a study by Prosper Insights & Analytics suggests that 95% of them expect companies to implement physical protection and distancing measures while 30% of them plan to shop more online in the future. The changing consumer behavior has forced retailers to rethink their model digitally and solve the post-COVID consumer sentiments related to health and safety.

Unlocking the Challenges with Digital Transformation

Digital transformation can bridge the gap between retailers and consumers created by the disease. It can help retailers to unlock challenges and win back the trust of their customers. Retailers need to shift from their old model of “profit, people, planet” to a more responsible model of “planet, people, profit”. Retailers must also improve the quality assurance practices of their business to tackle the complexities of the market. They have to leverage the efficacy of the digital assurance market to ensure smooth functioning of the different parts of the digital ecosystem.

Here are some ways in which retailers can bounce back while implementing digital transformation:
  • Getting Ready for The New Normal

Life will not be the same again for retailers as we emerge from the impact of this pandemic. Digital transformation trends in retail predict that even when the disease is gone, people will become hypersensitive about getting sick from daily activities which were once considered safe. Sharing a table in a restaurant, trying out a new outfit in a trial room, swiping a credit card in a showroom may not be a part of the new normal. Digitalization can create a new ecosystem for retail enterprises that multiply the joy of shopping by eliminating the fears from the minds of consumers.

  • Measuring Digital Transformation to Ensure Success

To ensure that their transformation journey is on the right track, retail companies should measure digital transformation in four key areas – fulfilment and last-mile execution, transparency, workforce management, and pricing. Simple efforts like improving presence by establishing digital channels, investing in data, integrating pandemic outbreak models with supply chain, and enabling staff to run the store from home can prove to be beneficial. They must also invest in digital assurance practices available in the market to retain their core competency while developing new technologies.

  • Expanding Digital Footprint to Increase Customer Footfall

As more and more people choose online shopping, retailers need to expand their digital presence. A coherent digital engine can drive customer interaction and engagement. Retailers need to translate sales by offering customers a convenient shopping experience on digital platforms. They should take advantage of digital ubiquity in retail to promote innovation and empower customer acquisition.

  • Automating for a Safer Shopping Experience

While the new standards of safety will require retailers to introduce automation in operation and sales, they need to replace people with technology wherever possible. From automated store access systems to safer touchscreens and POS – retailers need to judiciously apply automation to make the customer comfortable in their store.

  • Thinking Hyper-local

With people less likely to travel further, local stores will be the first choice for customers. A recent report by McKinsey shows that local convenience stores in China have performed well at the beginning of the pandemic, just as they did at the peak of it. Retailers must realize that in a post-COVID world, it will be very important for them to make their offering hyper-local. Digital technologies can be useful in bringing about this change faster and smoother. Walmart-owned Flipkart has recently partnered with brick and mortar store Spencer’s to boost its last-mile delivery network.

  • Collaborating to Grow

Collaborating to GrowTechnological enhancement can now add to the ROI of retail even faster than before. Partnership with competent technology partners will play a pivotal role in ensuring a turnaround for retailers. The technology-led projects must be prioritized by companies to undo the consequence of the pandemic and get ahead in business. The effectiveness of this collaboration will be an important measure of digital transformation.

  • Delivering Customer Convenience

Deloitte’s 2020 Retail Industry Outlook suggests that consumers are now more willing to pay a premium for convenience and shipping speed. It is important for retail brands to augment digital infrastructure to arrive at the perfect mix of speed, convenience and cost. Retailers need to learn from Amazon which has been successfully using this formula to be the market leader.

  • Streamlining Supply Chain

Streamlining Supply ChainThe pandemic has brought the vulnerabilities of the supply network systems to the forefront. Many retailers have failed to meet their customer demand for their products due to lack of data. Digital transformation helps to sustain retail business by providing valuable insights about the supply chain and letting retailers predict the future demand accurately. Automating processes in the supply chain can increase efficiency and reduce cost, thereby saving crucial time & money for innovation in these testing times.

Conclusion

COVID-19 is one of the biggest survival challenges faced by the retail industry. digital transformation in retail can be the perfect remedy to overcome the challenge. Increased dependence on digital assurance market, improved tools to measure digital transformation and pragmatic steps to implement technology can all help the retail industry to bounce back from this unprecedented crisis. You need to have a bold vision and a solid digital strategy to get going.

How Can Digital Assurance Support New And Upcoming Digital Strategies
How Can Digital Assurance Support New and Upcoming Digital Strategies
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Digital assurance is a necessary parameter to consider when adopting digital technologies to transform your business. It goes beyond quality assurance practices and ensures smooth interactions between various components of the digital ecosystem. The benefits of digital assurance practices show up in the form of resilience of the product, enhanced customer satisfaction and better brand equity.

Adopting digital technologies such as Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT) , Cloud Computing, Artificial Intelligence (AI) and cognitive computing in retail can be truly successful when supported by digital assurance practices.

Digital Assurance Drives Quality

Digital AssuranceDigital assurance is an all-encompassing strategy for ensuring that the adopted digital technologies of an organization are relevant to them and will continue to garner a higher return on investment (ROI) over a period of time.

With digital transformation programs, organizations are confronted with multiple quality concerns across different technical areas such as mobile solutions, omnichannel solutions, big data and analytics solutions and so on. In all of this, the foremost thing a customer seeks in a product or service is quality. User experience and security are extremely important and will always need extra attention.

Digital transformation brings with it a multitude of challenges in various aspects like network capability, performance, interoperability and security.  Consequently, digital assurance and testing become imperative for the success of any technology adoption.  Finally, robust digital testing services help the business to derive the best outcome from their IT architecture consistently.

Importance of Digital Assurance for Business Growth

Business GrowthConsumer behavior in digital retail is setting the pace and direction in the evolution of the retail industry. Every organization today understands that they need to have a robust plan in order to provide the customer with a flawless experience. This is achieved through digital assurance and testing which helps in the following ways:

  • Mitigates digital risk and builds resilience

Several inherent risks might arise during implementation of new digital strategies. These risks may include malware, data theft, workflow failures or even faulty integration. Having a strong digital assurance service is the key to addressing these issues.

  • Validates products from customer’s perspective

When accelerating digital transformation in retail certain rudimentary testing protocols maybe overlooked thereby missing some of the inherent flaws. Such oversight can be a setback to an otherwise delightful customer experience. Digital assurance ensures viewing the product from the customer’s perspective to catch flaws that would be missed otherwise.

  • Builds Brand Value

Digital assurance helps companies to set up and maintain a culture which spells of quality products and services. A sound digital assurance set up identifies and eliminates any bugs and glitches in the developmental stage itself.

  • Customer Retention

The digital transformation trends in retail are growing in leaps and bounds today. As a result competition in the digital world is brutal and customers have a myriad of options. Dissatisfaction with a product or service can lead to a customer shifting loyalty to rival brands. System crashes, latency, and virus attacks will work as deterrents to customer retention. Digital assurance serves to eliminate these glitches completely.

  • Drives Compatibility

Digital transformation in retail and other industries and must offer a uniform and seamless experience to customers across all platforms. So whether it is a smartphone or a laptop or a desktop computer or a tablet, the features and functionality of the software application should be the same. It is only through digital assurance while adopting digital technologies, that such compatibility can be achieved.

Cognitive Computing in Retail with Digital Assurance – Looking Ahead

Cognitive ComputingThanks to digital ubiquity in retail, the retail landscape is more complex and competitive today. Providing an omnichannel strategy for customers today has become the most basic capability for retailers. Companies desirous of  gaining a winning edge over their competitors can leverage the power of cognitive insight to offer a more personalized customer experience. There is now a bigger shift underway that is being driven by cognitive technologies such as Robotics Process Automation (RPA) and cognitive AI. Cognitive computing systems use AI and the powerful combination of enterprise data as well as data in the cloud to mine knowledge. They help to mimic brain functions such as learning, reasoning, recognition, language processing and other cognitive functions.  Their role in digital transformation is that they can be integrated with other technologies.

Conclusion

All the new and upcoming digital technologies are generating a huge amount of data. While data gives insight into the customer’s needs and wants, sound digital assurance practices empower them to use it across systems to impart great user experience.

The software enabled processes that drive the retail industry today need comprehensive testing and quality assurance to guarantee the desired results, of a flawless experience for the customer.

Top three best practices for Banking and Financial Institutions across their digital transformation journey
Top three best practices for Banking and Financial Institutions across their digital transformation journey 1024 576 InfoVision Admin

Digital transformation is all about providing little extra benefits on online and mobility platforms. The classical banking approach needs to integrate digital speed and ease with human interference that is both practically accepted and aiding at important times in the customer success roadmap. Eight out of ten financial institutions accept that the implication of advanced digital technology will profoundly change the banking industry and will completely change the domain’s competitive scenario.

To create a flawless strategy on digital transformation, banks and financial institutions needs to consider the following best practices across the digital transformation journey:

Improving the customer success procedures

The road of customer journey currently getting much advanced. Banking and financial institutions need to identify what is crucial in the customer journey — which is going to make a remarkable difference and will create a major impact between contrasting consumer segments — and then work continuously to improve the consumer experience.

A digitized environment is not only implemented to fetch happiness to consumers, it also provides open hands to employees for more important tasks like cross-selling and maintaining a relationship while simultaneously lowering the operation cost by smoothing processes. Even changing just a few processes can create a major impact. According, to BCG one large bank modified its credit lending process and reduced the timeframe from application to funding in half, saving 30% in costs related with the procedure. Another bank tackling the same process saved nearly $200 million in tenure of four years.

  1. Implementing Data Analytics

Data analytics emphasize banks to get a better insight into their consumers, determining new and efficient business opportunities and lowering operational costs. Business intelligence and advanced analytics permit financial sectors to flawless predictions in loan defaults or to identify defaulters, consumers who are underpaying the loan etc. The use of granular cluster analysis is a good idea to analyze a consumer product mix and average for that consumer type and using these derived insights helps the sales team to pitch the product more efficiently and strengthening the relationships.

Banks and financial sectors can implement data mining for better expectations and customer targeting. On the promising side, generating important leads and establishing connections between current and prospective clients. Implementing behavioral analytics to recognize unsatisfied customers and then design separate action plans to retain these consumers.

  1. Redesigning the Operating Model

Consumers now a days want the best of both the segment: a digital outlook when they need pace and benefit and a human affair when they seek support and advice for more complex banking products such as investments or mortgages or trading in stock markets when they have a blockers or issues. BCG suggests that the percentage of customers who want an integrated experience has raised to 43% from 36.8% in 2015.

Banks and credit institutions that integrate human interaction with digital and owned functionality is what BCG terms a bionic network and can anticipate to a 15% growth in revenue, up to a 35% depletion in branch operation costs and up to 15% rise in customer satisfaction.

Conclusion

As the banks and financial sectors are more concerned into digitization, many of them are rather disappointed in the initial results. Implementation is often in a lagging pace than expected. It’s difficult to measure digital approaches across the institution, smaller scale can be efficient in other ways as they have less areas to focus in their organization. Rather than start on a large-scale, stretching digital transformation, opting the fast hits to initiate momentum and to gain interest (and funding) high. That’s the method that HSBC adopted.

Digital transformation in 2020: 7 predictions for enterprise adoption
Digital transformation in 2020: 7 predictions for enterprise adoption 1024 717 InfoVision Admin

Digital transformation in 2020

7 predictions for enterprise adoption

From the past decade, prediction of next year’s Digital Transformation service trends had begun to feel a bit monotonous: RPA, cloud computing, the IoT, and AR/VR, It always seemed like the same involvement of technologies being rearranged around the time over and over again. 2020 will be different from that. 2020 will be an impactful year which will bring an all new class of technologies ready to take over the center stage. These are the most 7 significant predictions in digital transformation in the year 2020

5G technology

5G will reach to its advanced state in the year of 2020. With some of the biggest companies in telecommunications, like Qualcomm, Verizon, Nokia, Ericsson and Huawei making sure that the deployment of global 5G remains on advancing track. 5G will hit the ground running in 2020. 5g will bring faster broadband speeds and more reliable mobile networks, the proliferation of 5G will also increase the pace of advancements in building smart city, designing smart automobile, developing smarter manufacturing processes, and advanced IoT-intensive technologies needing for 5G. In other words, the effect of 5G won’t be limited only to phones.it will bring the Enterprise digital transformation services that will define 2020.

Advancement of Blockchain technologies

2020 will be the era of digital transformation services for sure as it is predicted that some required applications of blockchain may be seen and its use cases will glorify the usage of blockchain. Amazon Web Services is already in the process to uplift the blockchain technology with their subscription based (Baas) blockchain-as-a-service platform, other global technology giants are also working in this domain, including Apple, Google, Alibaba, Samsung, Microsoft, IBM and more. It can be stated that in the near future blockchain will be implemented in improving and tracking food security and safety, analyzing intellectual property and royalties, and real estate/asset management for instance. 2020 could be the start of the real advancement of Blockchain.

RPA catches a new momentum:

Robotic Process Automation cannot be considered as a new trend in digital transformation services or Enterprise digital transformation services and is widely considered to be one of the most effective technology, as interest and investments continue to grow, and RPA already showed its advantage, 2020 will be a very big year for RPA as the organizations will increase their investments on this technology, just as 2019 was with money being poured into companies like Automation Anywhere, UiPath and Blue Prism.

Microservices Architectures will be sky-rocketing

According to IDC by 2022, 90% of all the upcoming or future apps will be entirely based on microservices architectures that can upgrade the ability to design, update, debug and can implement third party code if needed. With this, the global Intelligence firm predicted that nearly 35% of the entire production apps will depend on cloud-native. This will lead to the expansion of an advance designed and internally developed app that can grow faster with its business models that current methodologies and development tools allow.

The Expansion of Edge Computing

Edge computing can play a big role in 2020 in Enterprise Digital Transformation, according to IDC by the end of 2022, more than 40% of organizations’ cloud deployment projects or initiatives will include edge computing process and nearly 25% of endpoint devices or gadgets and systems will perform Artificial Intelligence or NLP algorithms efficiently. It can be considered as one of the most important feature for customer success which will eventually lead to 60% of the Business-to- Consumer brands welcoming net promoter score as their primary success metric by the end of 2020.

Autonomous vehicles, smart cities will come into play:

With the current trends in Digital Transformation, it is predicted that the integration of edge compute and 5G will bring this era closer to truly autonomous vehicles, gadgets, drones, and cities in 2020. Tesla, can be termed as the pioneer in bringing this to market, but this isn’t something only Elon Musk is trying to tackle. This is happening through close partnerships between automotive manufacturers and technology makers. Many Automobile giants like ford, Volvo etc. are tying up with tech giants like Intel, dell, Microsoft, QUALCOMM and also companies like Uber is designing their own autonomous fleet and Amazon is looking to deliver products to door via an autonomous drone.

Low-Code Development Continues to Gain Higher Ground

2020 will witness the Enterprise Digital Transformation services in a spectacular growth, it is predicted that the demand for enterprise software seems to increase drastically. And no matter how hard any one try, developers can’t code software quickly enough. This is the reason why more enterprise software needs are being met by low-code development platforms.

According to research from ResearchandMarkets.com, the global low-code development platform market will grow to about $27 billion by 2022, up from $4 billion in 2017 and at an annual compound growth rate of 44%.

How blockchain technology can empower IoT
How blockchain technology can empower IoT 1024 614 InfoVision Admin

How blockchain technology can empower IoT

Block chain technology has the capability to revolutionize the working procedures of different kinds of devices, internet connectivity etc. In this volatile world the technologies are constantly progressing,

With the pace the society is evolving, it’s important to discuss the usuage of blockchain in connectivity and internet of things. The interaction within these smart gadgets among themselves and with the web can be established through blockchain technology. Different ledger technology permits certain index of interactions between the smart gadgets and the web. This is an efficient way by which it can keep track of all the devices interact among themselves and with the internet, and also the history of the processes that had been done through each interaction.

Blockchain and IoT

Blockchain technology resolves many issues when it comes to processing contractual behavior between peers without involving any third party to verify the IoT transaction. There are few major blockers comprises scalability, risk of any particular point failure, time stamping, and securing transactions. In this situation blockchain technology comes into the main picture, and easily solves the issues in a faster pace. Blockchain technology can be implemented to design a simple infrastructure for two devices to directly interconnect and transfer crucial information like money or data — between one another.

This property helps the autonomous functioning of smart gadgets without the involvement of any authentic centralized authority, which is what usually happens when blockchain is being implemented to system.In case of peer-to-peer transaction to human-to-human or human-to-objects, it results with a fully issued dependable digital infrastructure capable of connecting, transacting, and interacting with each other.

IoT devices can retain smart contracts to communicate among each other and connect to the web. This way, there’s no requirement for a centralized authority to validate each relationship or transaction between the two parties.

Applications in coming days

In near future blockchain can be used to improve and increase the stability of connection between IoT devices, some other use cases which could be investigate in the future. The first major use case of implementing blockchain into IoT devices is security. Security issues have been affecting the working of both the cryptocurrency and blockchain industries, since hackers usually search for gaps within a company’s infrastructure.

In addition, the current growth of data science has led to the involvement of IoT based on Blockchain devices in the analysis of the data which are received. There are lot of companies who are completely based on data. And they are finding ways to make it transparent and use it for immediate purposes.

In big MNCs IoT and Blockchain can be used to strengthening the security of the infrastructure. Also, they can be implement to extract followed by analysis of data.

Conclusion

Currently, having a good internet access and smooth connectivity is very crucial for business world, a person with a device like a tab or smart phone or laptop is able to access internet, but recent technological advancement expanded even more, and here the internet of things comes into picture. Blockchain can be implemented to gain more effectiveness and productivity of digital foundation, hence it increase internet connectivity between devices without eliminating the fundamental features like scalability, security or accessibility.

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