Retail Digital Transformation: Best Practices & Top Trends

Retail is only as successful as it is today with the power of technology! So, bridge the gap between your store and consumer, and reach your goals with these popular trends. 

Every business has gone or needs to undergo an intense digital transformation to be more productive, motivate employees, and increase value and financial prosperity. A digital transformation can also help with a better business strategy, positive culture, better internal/external communications, customer service, and, most importantly, adapting to the demands of the market and the changes that come with time. 

Retail digital transformation is known as numerous tech solutions and practices that can transform your B2C and B2B sales online significantly. These new rising technologies can often include clouds, big data, RFID, and other aspects. This digital transformation is the modernization of stores that might be physical but also stretch to different kinds. 

In a report by Gartner, they stated that “note that for the foreseeable future, changes in consumer behavior — which impact and are impacted by all the trends we’ve identified — will have a greater impact on value in retail than any other single factor. This actionable research can identify the top trends that retailers must be in tune with to provide excellent customer experiences and, in turn, solidify customer trust.” 

New trends

Trends are constantly evolving and changing; however, some trends keep on consistently and shape both the shopping and business experience. 

  1. Big data is the key to e-commerce and offline advancement in retail and fraud detection, personalization, and analytics. 
  2. Omni-channels are great since customers shift from online to offline, looking for the store’s website and new deals. Stores need a website, social media presence, email marketing, chatbots, and customer support. 
  3. Emerging technologies such as artificial intelligence (AI) and machine learning (ML) are helping stores with inventory, shelf needs, customer satisfaction, and sustainable collaborative ecosystems. 
  4. Touchless interactions such as payments and contact-free shopping are increasingly on the rise. 
  5. Algorithm merchandising optimization can enable retailers to determine sales margins and more customer-based services, shifting costs. 
  6. In-store automation is enhancing the customer experience and financial costs.

According to research by McKinsey, “the pandemic has increased demand for digital technology in the retail industry. The report states that the growth of e-commerce in the U.S., estimated at 24% by 2024, jumped from 17% to 33% within two months. Hence, digital technology is imperative for retailers to transform their business model in the future.” 

A constant process, digital retail transformation is constantly changing to include more tools, techniques, and strategies to keep current times and customers. Many stores, especially brick-and-mortar, can only become relevant soon by adapting and adopting new technological advancements. COVID-19 has impacted the retail industry worldwide, and new technologies have come to play to give customers the personalized experience they desire. Marketing analytics helps us see how everything plays on each other to decide how your company may want to invest moving forward. Re-prioritizing how your team spends its time, and the resources, channels, and efforts you invest in, are critical steps to achieving marketing success and improving sales. At DuartePino, our analytics experts analyze your business’ data to evaluate better the performance of your marketing, content, and products and use your analytics insights to reach the right people. Contact us to learn what our trust advisors can do for you.

*This blog post was written by Hilda Rodriguez, Senior Marketing Advisor and Head of the Retail & Consumer Practice at DuartePino.