Retailers have had two options in responding to the digital disruption. A vast majority have seen digital as an enabler of better customer service or greater operational efficiency. They have implemented many digital technologies to improve their performance. However, there have been a few retailers who have stretched the digital possibilities even further. They have taken the opportunity to shape a new long term sustainable business model which sets a new standard for the paradigms of the past.
Retail
Reimagine shopping of the future! With online trying out new outfits, having a digital assistants and enhanced loyalty. Real-time forecasting and sending updates and cross- and up-sell based on consumer wearable behavioral data.
Use cases include:
- Supply chain ecosystems
- Real-time track and trace
- Supply chain control tower
Retail
- Enable digital trying and webrooming
- Technology enabled wearables
- Digital assistants and loyalty
- Real-time forecasting models
- Dynamic vendor collaboration
Integral to this digital mindset is to look at the retail eco-system as a network of suppliers and franchisees supporting the retailer in orchestrating a business model with the OKR’s of maximizing customer lifetime value instead of focussing on a transactional approach.
A transition to a mindset where attracting and retaining shoppers becomes the shared OKR of the full eco-system where digital helps understanding better consumer buying patterns, providing a broader assortment, increase consumer loyalty, lower costs by automation and help shoppers decide better with the use of digital trying and webrooming.
The risk for retailers is to only see digital as a “new channel”, where the true transformation should be a transformation which ties into a retailer in the broadest sense, from physical store, to finishing their order from their couch, including fast and transparent service.