Source | cio-economictimes-indiatimes-com.cdn.ampproject.org | Subram Natarajan
The retail industry has been experiencing multiple disruptions in the past few years. Initially, it was the competitive forces and during the later years, it was the technology trends and evolving customer expectations. The pandemic is proving to be an accelerant to the change, in particular, the dramatic shift from physical to digital commerce. The empowered consumer is driving micro trends to become macro with the strength of their voice and choice, and the need for trust and transparency. All of these facts indicate how successful retail and consumer companies will evolve their business models to thrive in the new “normal”.
Successful organizations have capitalized on the opportunities that these situations presented and boldly moved towards delivering best-in-class customer experience with the help of an agile supply chain – the advances in technology make this possible. Built on the foundation of hybrid cloud and artificial intelligence (AI), the solutions are aimed at enabling the underlying capabilities necessary to meet evolving operating demands.
There are 3 main areas where the impact of AI is profoundly felt in the retail industry. They all have a tangible business outcome and, in many ways, can become an organization’s market differentiator.
Enhancing customer experience and seamless commerce
Increasingly, the customers are developing high expectations when it comes to having a seamless experience whenever they engage with a brand. They want the digital experience of shopping to be as close as the in-store experience.