So much so that experience has emerged as a major differentiator in retail … Predictive Analytics (Big Data). The Quick Response or QR code as it is popularly referred to is a 2 dimensional square shaped barcode that can be scanned to retrieve information by a cell phone. The digital shelf labels provide an in-stock status which helps the sales staff steer customers in the right direction or give further advice based on the need. Define your Privacy Preferences and/or agree to our use of cookies. Companies such as On Point Manufacturing have now enabled the production process wherein shoppers can obtain apparels fit and size combinations not commonly found in stores. Currently, she is the Director of Business Development, where she delivers measurable results for our Fortune 500 and 100 clients. Instead of viewing a screen in front of them, users are immersed in the scene and interact with 3D worlds. Perhaps existing members can see the outfits on real customers and click on an entire or portion of an outfit to have it included in a future delivery. The savviest retailers will be gathering that information from endless sources like social media to IoT sensors and using AI and deep learning to make the shopping experience as easy and personalized as possible. He also handles IT outsourcing services and management for our key accounts, building long-term relationships with clients. Before getting into this year's trends, I want to go over some of the hits and misses we chose for 2019. When you visit our website, it may store information through your browser from specific services, usually in the form of cookies. This is where digital transformation is making fundamental level changes. Even as a young entrepreneur, he was a passionate technology enthusiast with strong business acumen and an eye for the future. That’s why technologies like visual search and social shopping are going to skyrocket. With a customer first approach, digital transformation in retail has risen the shopping experience of customers in unfathomable ways. They want to go to your website and be able to compare prices, styles, delivery dates, see your recommendations of things they may like even more--preferably all on one screen. Conversational AI becomes a legitimate interface: I know, Siri still sucks (mostly), and it’s still near … While we believe the content remains of interest, it doesn’t take into account major events since that … Yes, in 2020 we will also continue to see smaller stores work to compete for a piece of the pie against Amazon, which is crushing the market. Her technical prowess and brilliant sales and leadership skills have transformed small and large enterprises alike. It means that I spend my life learning about what drives people to adopt new technology so I can share those secrets with companies that are ready to take their business to the next level. Indeed, while e-tail will hit $5 billion in value by 2021, it is estimated that 25% of purchased items are sent back. He has in-depth experience in research, digital/social media strategy, and consulting. Their factory at Alabama does exactly this-manufacturing apparel based on unique size patterns. Traditionally, the retail industry has focused on product. All Rights Reserved, This is a BETA experience. I’ve seen examples like Chico’s utilization of SAS for advanced retail analytics that allowed the company to consolidate omni-channel customer data in 2 hours rather than 17 hours enabling more rapid delivery of timely offers and less stress on infrastructure. I am a principal analyst of Futurum Research and CEO of Broadsuite Media Group. Studies show that 88% of consumers are willing to pay for same-day (or faster) shipping. Voice based technology has received an impetus since consumers can shop while doing household chores, driving or on the go too. He encourages design and implementation of custom frameworks to deliver actionable insights to our clients. Digital transformation solutions in retail are constantly improving all these factors to make shopping a more appealing experience than ever before. Here are the top 8 digital transformation trends in retail. All rights Reserved. While we did see major and necessary improvements in omni-channel retail and AI/cognitive computing, I’d say we still have some work to do with cardless checkout and smart beacons. His cross-industry domain expertise along with his experiences in formulating digital strategy, planning, business alignment, architecting, value- & ROI-driven execution, and innovation, sets him apart as a highly sought after thought leader. Personalization holds the key to … With Gartner insights and guidance, learn to uplift customer experience through digital transformation in retail. We may even see people paying for these virtual experiences, which makes the ideas of “retail” and “reality” themselves even more confusing. Digital retail is now centre stage, and retailers have to find new ways to engage and retain customers or risk becoming irrelevant. VR training. The trends we see on the horizon for Industry 4.0 in 2020 … A digital price tag is a simple piece of technology that has almost single handedly transformed the retail logistics space in many ways. $83M+ Raised And Counting In 2020: Are Twitch Streamers The New Philanthropists? January 22, 2020 Studies show that, This is an important trend that will continue to come to the top of the list for at least the next few years. Sonos and Apple are driving innovation in this field too. It is worth noting that blocking some types of cookies may impact your experience on our website and the services we are able to offer. Though AR has been around for a while it is now gaining maturity with several retailers embracing the trend. As the Practice Head and Director, John heads the Strategy and Sales Enablement Team while also providing insights to the NxtGEN iLab on accelerators and products, guiding the delivery teams to bring radical transformations to client businesses. Digital Transformation Trends 2020-2021 Global Retail Industry. Digital Transformation (DX) is a global phenomenon across many industry sectors. Today, he is our Vice President of Global Sourcing, managing requisitions of high visibility roles. I explore all things Digital Transformation. In the modern retail ecosystem where the consumer is in control of…, 6 Types of Product Recommendation Engines Your Retail Store Needs The retail…, The most striking trend witnessed by the retail industry in recent times…, Subscribe to the latest news from InfoVision, 2020 © Copyright InfoVision. The goal here in both cases is to borrow the online experience and create the ultimate shopping experience in-store. Brands like IKEA and Anthropologie now thrive on AR to maintain brand loyalty. 1. Toyota is not the only company using this feature--far from it. An avid traveller and foodie, Rajesh is open to experiences unknown. 10 Disruptions in Retail through Digital Transformation Indian retail is undergoing a rapid transformation propelled by several factors such as rising household incomes, increased consumerism, e-tailing, … Forrester, 2018: “Digital … However, for better or worse, COVID-19 has rapidly and massively opened digital … It is also part of a bigger story that implores retail companies to make the investments in analytics and AI tools that allow them to know customers better and deliver better offers, in the right channel at the appropriate moment. 2020 will be the year where it is virtually unnecessary to see, feel, or test a product in person before you feel confident enough to buy it, thanks to augmented reality. 1. So what does this mean? As per the study conducted by Retail Perceptions, 71% of the respondents would be more interested in shopping with a retailer that provides AR based try-before-you buy options. Other brands such as Lot Stock & Barrel and Atelier and Repairs, both clothing retailers are also  thriving on the customization approach. US grocery chain Kroger, has introduced digital labels across several of their stores thereby making it convenient to digitally display price and nutritional information instantly and remotely. 5 Technology Innovations Shaping Digital Transformation in Retail. From keynoting on the world’s largest stages to weekly insights on Forbes, Entrepreneur and our Blog, my goal is to provide our clients with what they need to know to out innovate and turn disruption from threat, into a business model for success. But these new technologies and strategies, when used effectively, may be enough to win a bigger piece of the retail pie and e-commerce pie. That’s why, Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the, EY & Citi On The Importance Of Resilience And Innovation, How Digital Workflows Helped Save Basketball During The Pandemic, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, SAP’s Alicia Tillman On Improvising A Marketing Plan During A Pandemic, Brands Wrestle With The Renewed Allure Of Promotions. Augmented reality could mean retailers keep more of their sales because consumers more fully understand what they’re buying at point of purchase. For instance, I can imagine Stitch Fix expanding social platform usage as a way to better tailor the wardrobes it sends to customers using machine learning. We recently saw, Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. I can also see tools built by a company like Nordstrom that allows a photo of a garment to be used to pair and recommend additional items being tied to a social profile that can look at existing clothes and accessories shared and/or written about positively on public platforms. Over the past decade, he has led many defining transformative projects with industry leaders such as 7-Eleven, Verizon, Halliburton, TransCore, BCBS, AAFES, PrimeroEdge, Gulf Oil, Spreetail, CEC among others. The physical labor involved in attaching price tags to individual items and maintaining a list of the stock left is a herculean task. The in-voice activated systems have gained momentum by companies like Amazon and Google, leaders of digital transformation with their Alexa and Google Home products. Rajesh is the Business Leader for the Research and Social Media Analytics arm of InfoVision, InfoVision Social. Levi’s offers its customers the option of personalized embroidery on their jeans and denim jackets while NikeId lets shoppers to completely personalize their sneakers for an unique experience. Rajesh brings the unique blend of knowledge, tool sophistication, and process excellence to InfoVision Social’s business model. Amazon and Best Buy have centered themselves around the utilization of  digital labels. Next up are the big digital transformation trends in retail for 2020. Digital transformation in the retail and consumer industry This content was published in April 2018. I’m talking about users being able to place themselves in their favorite brands’ advertisements, being able to model their favorite brands’ clothing, and an increasing coordination of virtual experiences that will intertwine on the spatial web. Top 3 trends for digital transformation in the retail industry. … 60% retail shoppers make it a point to scan the QR codes to access more product information today. This is an important trend that will continue to come to the top of the list for at least the next few years. He works closely with the CTIO (Chief Technology and Innovation Officer) Group of InfoVision that focuses on the Digital Transformation practice and NxtGEN iLab. Clearly, consumers are shopping at the speed of digital transformation and expect their products to be delivered just as quickly. For the rapidly evolving retail industry, five key areas are emerging that offer the biggest opportunities for digital transformation. Amazon Prime taught us that shoppers are no longer willing to wait more than two … Still, brick-and-mortar shops are having their benefits and people use them more than e-commerce websites. Zara is a leading example. The motivational factors for customers remain the same, goods at a reasonable price, available as soon as possible and for many even delivery to their doorstep. Retailers who deal with bulkier goods such as furniture allow customers to get a visual representation of how an item would look in their homes. Shaily Kumar orchestrates effective business development and restructuring strategies for our clients. The QR codes for wine bottles are incorporating wine’s origins and even suggest food pairings through QR codes. Investment in digital technology will continue to surge . Mr. Kari is also an established thought leader of the ever-changing and maturing landscape within social media analytics and is highly regarded for solving key global business problems using strategy, analytics, and research for some very well-known brands. As compared to a standard barcode, they can store much more data, URL links, geo coordinates and texts. That’s why digital transformation involves many aspects of an organization, from its employees to technologies used in external communication. Opinions expressed by Forbes Contributors are their own. Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the spatial web. Product customization combines different forms of on-demand manufacturing technology to meet the need for personalized shopping experiences of customers. A hands-on visionary and a technology leader, Chithrai Selvakumar Mani has been instrumental in driving innovation and transformation to shape the digital future of multiple Fortune 500 companies and industries. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. ... Top three trends in digital transformation in the retail and consumer industry. Personalization and location-based marketing are gaining traction. Technology in this area is also catching up as companies like Microsoft launch second generation augmented reality headsets, which is one of many newer, lighter headsets and wearables that will make AR more immersive for retail customers and employees. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. You may opt-out by. I am a principal analyst of Futurum Research and CEO of Broadsuite Media Group. I see this as the next wave of social and retail integration where 360 data brings better experiences to customers through better data utilization. Moving The Things That Move The World Forward In The Pandemic, CTV Fraud Made Headlines Again, But It Shouldn’t Have. Google, Target, IKEA, Tommy Hilfiger, Forever 21, Property Guru and ASOS are some of the companies that use visual search technology. Bringing together the technology layer with the human layer, I seek to solve the biggest challenges that companies have today; how to grow, scale, change and adapt to a world where technology and media shift at breakneck speed. No task is too complex or extensive for Somesh Pallikonda. Now, Now, Now. Apart from clothing brands, there are other retail brands too who have chosen product customization as their digital transformation strategy. | Privacy Policy. It is very important to Retail, where operators are constantly looking to optimize business processes and service delivery. New research, believed to the first survey of this scope and size to be conducted globally, reveals almost every aspect of current and future ICT plans and issues in retail … Market Overview The Global Digital Transformation Market in Retail was is expected to register a CAGR of over 22% during the forecast period of 2020-2025. The tech savvy customers have changed the … Making this the medium of their digital transformation are retailers like Alibaba, Ikea, Tesco, Cisco and Adidas. Visual search on the other hand is a retail trend that allows shoppers to find and buy a product just by snapping a photo of the product. As a visionary, he introduced the point-of-sales system to over 4.000 stores in the USA and back-end retail solutions for over 800 global stores. QR codes are improving not just retail goods but experiences and services too thus bringing digital transformation to other aspects. Transformation for the digital age: The Future of Retail To stay relevant and compete as the retail industry evolves, retailers need to re-imagine their customer experiences and business processes from the … Digital transformation in retail is helping companies make their customers feel special by way of customization. It’s safe to say that the retail industry is among the industries that are most affected by digital business transformation for several reasons as they shift towards more service-oriented models, with many … We recently saw Toyota launch a new AR program that allows users to try out 10 of their cars without ever picking up the keys. Walmart’s new mobile app features allows customers to scan QR codes while shopping and skip lines by paying with the app anytime. With the emergence of the digital price tags the physical strain on retail teams has come down significantly. Armed with a Master’s in Business from IIM and one in science from IIT, he manages large-scale telecommunication projects for Verizon. This, in turn, helps enrich the quality of strategic decisions leading to business transformation for brands. It is very important to Retail, where operators are constantly looking to optimize business processes and service delivery. The five trends include that: 1. While the challenges are many, digital transformation in retail promises to be an exciting journey worth taking as the trends show. Today’s consumers don’t just want their products fast, they want to be able to get information about them quickly. Voice based search has taken off in recent years, especially as a function on app-enabled smart phones. … I spend my time researching, analyzing and providing the world’s best and brightest companies with insights as to how digital transformation, disruption, innovation and the experience economy are changing how business is done.  7 minutes reading. She started her journey with us in 2011 and since then, her customer-first mindset has helped our clients experience year-over-year growth. While this is one good example of putting advanced analytics to use to personalize retail experiences. Just as importantly, in my opinion, consumers didn’t have to download an app to try the experience--something that can be a huge deterrent for those of us burned out on downloading apps just to see if they’re worth downloading. The following are the big digital transformation trends in retail for 2020. Before getting into this year's trends, I want to go over some of the, 2020 will be the year where it is virtually unnecessary to see, feel, or test a product in person before you feel confident enough to buy it, thanks to augmented reality. This trend will only be further zeroed in on by the best retailers in the future. A report from Gartner states that about a 100 million customers are set to engage in shopping experiences involving AR. Drivers of digital transformation in the retail industry. For instance, a newly engaged woman may try on her wedding gown virtually, and see herself walking through one of many possible wedding locations. 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The customization approach 2020: are Twitch Streamers the New Philanthropists was a passionate sales and skills...