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How Retailers Are Navigating the Route to Digital Transformation

Source | | Richard Clarke

Times are extremely tough for many retailers. According to Deloitte, Australian retailers are “facing the fight of their life in 2020”. This year has been marked – across almost all markets – by severe business challenges including enforced store closures, a rapid increase in online demand and fulfilment cost, an obligatory focus on colleague and customer safety in store, and consumer shopping behaviours which are likely to remain changed forever.

Recovering and continuing to thrive in this fundamentally disrupted shopping environment will probably mean some smart cost-led decision-making short term and some well-informed strategic investments for the mid-longer term.

Our daily lives are being rapidly transformed by technology – smartphones, uber, Alexa, in-car computers. Not surprising then that technology – in particular digital solutions – form part of the answer for retailers short and medium term needs.

With the right systems and retail solutions in place, retailers can reduce costs and drive growth across a broad range of areas, including infrastructure, store operations, supply chain and marketing. AI machine learning tools to reduce fresh food waste in grocery, advanced analytics to optimise the routing and cost of online home delivery, and cloud-based commerce systems to enable fast automated Grab ‘n’ Go solutions are just some of the digital solutions which are emerging fast.

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