Digital Transformation in Retail: Why Are Tech Collaborations Important?
July 11, 2020
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Speak to the innovators, tech enthusiasts, and business owners hailing from different industries and you will hear them speak one word with a lot of fervour and enthusiasm – “Digital Transformation”. Apart from being a buzzword, it has also been a phenomenon which is often defined vaguely with its distorted nuances. However, the simplest way to understand this phenomenon of change is – As and when the technology reshapes itself, all the businesses need to adapt to in order to keep ahead of their competitors.
Today, we will talk about digital transformation in the retail sector. Perhaps, no other industry is as affected by customer demand as much as retail. Irrespective of their location, the customers want immediate and effortless shopping experiences. Amazon Go is one of the biggest and best examples of today’s disruptive retail environment. Now, this paradigm shifts in retail business driven by expectations of customers is also giving birth to new retailer-supplier relationships.
The Purpose of Retailer-Supplier Relationships
Partnerships between retailers and suppliers is meant to serve customers in a better way while bringing retail transformation. Also, retailers can unlock the potential of data science and transformative solutions to create better business models. A few years ago, technology was utilized by the retailers to stand out from competitors or to demonstrate that they’re offering something new.
However, those days are gone. Technology is not just a utility anymore. In fact, it is one of the most essential elements when it comes to bringing strategic digital transformation in retail products as well as operations.
How Are Retailers Transforming?
Talking about technologies, let’s take Artificial Intelligence for example. AI has the potential to understand, reason, learn and help in solving problems as well as making decisions. Thanks to the advancements in cloud technologies, AI, and other enterprise-based software, retailers are able to transform their operations and get a fresh perspective of conducting business.
Now, although technology helps retailers to make successful digital transformation, real accomplishment can be achieved when there is collaboration and strategic planning between two businesses. Retailers usually have in-depth know-how about their industry. That knowledge, when combined with technical knowledge of the supplier, can convert into the most sustainable relationship.
Partnerships You Must Know About
Microsoft – the tech giant has gotten into a strategic partnership with Marks & Spencer and Walgreens Boots Alliance, which are the two best high street mainstays in the UK. Marks & Spencer’s Chief Executive Steve Rowe strives to craft a “digital-first” business model and wishes to make the most out of Microsoft’s AI capabilities in order to implement an operation which is just right for the modern needs of customers. The merger of these companies will bring about substantial retail digital transformation by creating new business models.
Have You Chosen Your Technology Partner?
If you own a retail business, it is time for you to ask this question to yourself. By choosing the right partner, and getting into collaborative business relationships, you can carve the success story you have always strived for.
Gateway Digital offers real-time digital capabilities to all the retail pioneers aiming for customer excellence. We will help you offer convenience to your customers by bridging physical as well as digital shopping experiences through cloud, analytics, e-commerce, AI and mobility solutions. If you believe in enhancing your customer base through customer centricity, look no further and drop an email to firstname.lastname@example.org now!