XplorexIT– With the flurry of bankruptcies and store closure announcements in 2017 and continuing into 2018, the phrase “Retail Apocalypse” has become the topic of many conversations. The doom and gloom of an apocalypse is very far from reality. However, there is no argument that change, turmoil and disruption is reshaping the world of retail. This article was authored by Perry Kramer, Senior Vice President and Practice Lead at BRP.
There are a number of retailers who are thriving and many more who continue on a successful growth path. The common thread that weaves among these retailers is the leveraging of enterprise software, business practices and view of the customer to improve overall margin and customer service. The stability and elasticity of network technology, including SD-WAN, is allowing retailers to move many store-centric systems to the enterprise level (cloud) to increase effectiveness. For mature retailers, this has resulted in higher customer satisfaction, reduced application costs, and has become the cornerstone for real-time retail.
Successful retailers recognize the absolute need to keep the customer at the epicenter of the retail transaction. To achieve this, retailers are migrating to an environment that offers real-time access to enterprise-wide product information, customer preferences, and transaction history across all channels. To meet the new set of customer expectations, modern customer engagement, merchandising, order management, and inventory management systems must be integrated in real-time and seamlessly accessible by the sales associate. Top retailers are adopting and implementing a unified commerce platform based at the enterprise with real-time retail information available at the fingertips of their corporate users, call centers, sales associates and customers.
While retail is definitely going through challenging times, the transformation is exciting with new technologies and opportunities arising to enhance the customer journey and support the expanded use of AI and BI tools needed to optimize the profitability of each transaction. The increased maturity of networks and network tools will continue to bring further transformation and drive fundamental changes in retail. A foundational component of reducing costs, enabling speed-to-market, and meeting or exceeding customer expectations in real-time is the migration of distributed functions to the enterprise. For retailers who are not well into their transformation to offer a ubiquitous real-time retail customer journey, the key to survival is to redouble their efforts before the competition puts them out of business.
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