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The Retail Digital Transformation incorporates business opportunities that go beyond simply focusing on a single technology, such as e-commerce or click-and-collect. A digital transformation strategy in retail industry refers to the technology in which the retailers create new and innovative business models that blur the physical and digital worlds. The retail sector has been significantly impacted by the continued trend of digital transformation. There is an increase in the interaction and productivity across the worth chain covering the supplier to customer within the retail industry, through the usage of social media, smartphones, and other electronic medium techniques. There has been an exponential growth in business to business and business to consumer interchange.
Today, in the new digital society, retail digital transformations are becoming a dynamic business norm. The resulting transformations are routing in a new era of how retailers track their operations to augment business strategies, provide a better outcome and engage with customers in the digital world. The growth of the retail digital transformation market is primarily driven by several factors, such as constantly growing internet users & smart devices, increasing technological advancements, and government initiatives towards digitization. Furthermore, untapped opportunities to increase sales efficiency, growing enterprises demand for streamlining business process, and favorable market dynamics are also contributing to the growth of the global digital transformation market. Owing to the rising investments in retail digital transformation sector, mostly in emerging nations, the expansion of retail digital transformation market are going to be further boosted. However, the worldwide retail digital transformation market growth is going to be hampered by lack of product feel and private touch during shopping.
Benefits of Retail Digital Transformation as Compared with Conventional Retailing
The process of retail digital transformation is not an easy one. As digital transformation comes not only with challenges but brings a number of advantages.
Easier Connection: Digital transformation makes it easier for retailers and their customers to connect and communicate via social media accounts, websites, chat-bots, mobile apps, etc.
Smoother Operations: The implementation of cloud technologies will improve operations within the company as the external ones; reduce the time spent on sharing information with the customers, thus improving client support.
More Convenient: Using AI (Artificial Intelligence) tools, customers can shop without cashiers. AI automation of retail processes is enhancing the customer experience. Also, it enables retailers to sell and promote their different products not only in physical stores but via websites or mobile apps.
Higher Revenue: Digital transformation is retail that enables providers to have multiple sources of income, thus gives a chance to reach a wider target audience.
Better Customer Experience: All the changes that come with digital transformation influence user experience and make it better. Technical tools facilitate the work of the employees, make services quicker and more efficient, thus customers get high-quality services, their journey of buying products becomes a more pleasant one, etc. As the whole concept of digital transformation is customer-centered, they get the most but help your business become better and prosper.
Digital transformation drives customer satisfaction by providing customers with products and services which they require, anywhere they need them. Mobile applications, location-based services, big data and analytics have brought about a significant change in the way retailers do business.
Initiatives are under-way, they are not transformational enough - they just end up being a new website or a mobile app at the most, which marginally improves customer experience. The commitment to truly bring digital transformation in an enterprise is increasing. It requires leadership level focus, an assurance of budget and resources, and an ability to pursue the initiative with conviction.
For a complete transformation to be successful, the foundation has to be strong – be it single view of consumers, orders, inventory, products, etc. or a scalable architecture to support changes in business. In addition, there is also the challenge of choosing the right technologies that can really add value, rather than jumping on the bandwagon. It is necessary to take calculated risks to understand which new technologies and infrastructure would work best for an organization.
The market is categorized based on product, mode of access, and geography. On the basis of mode of access, the market has been sub-divided into different mobile applications and websites. Factors such as increasing usage of internet, availability of smartphones for convenient online shopping, customers tend to prefer a best-fit solution to meet their requirements. Based on type of product, the retail digital transformation market has been divided into apparel and footwear; consumer electronics and appliances; food, toys and games; media, beauty and personal care, grocery and beverages; and others.
Market by Product
Market by Mode of Access
Market by Geography:
The retail digital transformation market is highly competitive. The players in the market are strategically investing in the development of digital transformation tools to provide user friendly solutions thereby maintaining a competitive edge.
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities). The study also provides company’s positioning and market share of the overall market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global retail digital transformation market by the following segments:
- Mode of Access
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Retail digital transformation Industry Report
The report offers a comprehensive insight on the Retail Digital Transformation Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.