The retail sector is experiencing a significant transformation as digital technology reshapes consumer expectations and shopping habits. To stay competitive, businesses must quickly adapt and embrace innovative approaches. According to Gartner, technologies such as Artificial Intelligence (AI)/Machine Learning (ML), Multi-experience development platforms, Distributed Cloud, and Cybersecurity will play a crucial role in shaping the future of retail by 2025. In this article, we will explore the concept of digital transformation in retail and how CLEVR's solutions can assist retailers in adapting to this evolving landscape.
The Rise of Digital Transformation
Digital transformation is now a vital element for success in the consumer products and retail industry, and the COVID-19 pandemic has only intensified its importance. Retailers have had to quickly adapt and innovate to meet the changing needs of customers.
Among the top priorities for leading retail enterprises are growth, enhancing customer experience, and modernizing technology. Approximately 35% of respondents have identified growth as a key focus, with businesses striving to expand their market share, generate higher revenue, and explore new avenues for expansion. This can involve various strategies, including entering new markets, introducing new products or services, or engaging in mergers and acquisitions.
Predictions and Recommendations
According to Gartner's predictions through 2025, data and analytics will become integral parts of business strategy. Retail CIOs can use these predictions to make informed decisions about their digital strategies. Furthermore, a Gartner Research found that 73 percent of the top 100 retail businesses have embraced supply chain technology, highlighting the growing importance of integrating technology across all aspects of retail operations, from concept-to-commerce.
Employing digital technologies is now crucial to provide new revenue and value-producing opportunities. For retailers, this could mean anything from implementing e-commerce solutions to leveraging data analytics for personalized customer experiences.
How CLEVR Can Help?
CLEVR offers a range of solutions designed to assist retailers in their digital transformation journey. By focusing on enhancing customer engagement, optimizing processes, and leveraging advanced retail technologies, CLEVR helps retailers to transform their operations and achieve significant results.
CLEVR's PLM solution for Consumer Products and Retail, empowers retailers to streamline their product lifecycle management processes. This comprehensive platform enables efficient collaboration among different teams involved in design, sourcing, production, and distribution. By digitizing and automating these processes, retailers can reduce lead times, improve product quality, and enhance overall operational efficiency.
CLEVR's Promotion Management solution enables retailers to optimize their promotional activities and drive sales. It provides a centralized platform to plan, execute, and monitor promotions across various channels. With advanced analytics and predictive modeling capabilities, retailers can make data-driven decisions to target the right customers, personalize offers, and maximize the effectiveness of their promotional campaigns.
The digital transformation in retail is not just about adopting new technologies. It's about rethinking and reshaping business strategies to meet shifting consumer expectations. With CLEVR’s innovative solutions and domain expertise, retailers can successfully navigate this transformation and emerge stronger in the digital age. Contact us today to learn more about how CLEVR can help your business thrive in this evolving landscape.