How the retail industry can use IT automation to drive innovation and achieve digital transformation.
While the promise of digital in the retail industry is substantial, the challenges of leveraging digital throughout the business can seem daunting. Supply chain and operations must work seamlessly with in-store and digital sales. Speed and flexibility are imperative to continually place the right product at the right price in the right channel at the right time. Bricks-and-mortar retailers struggle to match companies like Amazon® that have digitized their entire business.
Each retailer’s organizational structure is unique, as are the potential combinations of technologies to achieve superior customer experience and competitive advantage. New capabilities — such as internet of things (IoT) devices that can track and interact with customers — spawn imaginitive ways of connecting buyers with your products and your brand.
While the promise of digitization is appealing, getting there requires investment. Digitization increases the number of devices in the enterprise, and it affects the cost of execution. In an industry characterized by narrow margins, few businesses can absorb large increases in spending to deliver innovations such as personalized customer experiences without improvements in revenue and margin.