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Digitized Retail 2020: Capturing Emerging Opportunities (Technical Insights)

  • May 2015
  • -
  • Frost & Sullivan
  • -
  • 47 pages

Summary

Table of Contents

Scope

The retail industry is changing at an ever-increasing speed. With changes in the behavior of the customers along with the introduction of new channels and formats of marketing, the industry quickly needs to adjust to the existing business models. In order to satisfy the needs of future customers, retail organizations require drastic changes in their approaches and need to customize their service offerings to be profitable in the competitive retail space. This report identifies the key trends in the market and highlights the key technologies and their convergence prospects to envision the future digitized retail space.

Research Scope

The retail industry is changing at an ever-increasing speed. With changes in the behavior of the customers along with the introduction of new channels and formats of marketing, the industry quickly needs to adjust to the existing business models. In order to satisfy the needs of future customers, retail organizations require drastic changes in their approaches and need to customize their service offerings to be profitable in the competitive retail space. This report identifies the key trends in the market and highlights the key technologies and their convergence prospects to envision the future digitized retail space. In brief, this research service provides the following:

•A brief snapshot of the marketing mix in retail
•Key trends towards developing consumer oriented business
•Key trends towards improving the convenience of service delivery
•Trends in the market to increase value for money
•Trends to improve interactivity in communication channels
•Understanding of the key technologies that are enabling digitization of retail
•Key innovations across the identified technologies for retail
•Snapshot of technology convergence scenarios
•Emerging opportunities and benefits for various stakeholders in the value chain

Key Findings

-The key trends in the process of digitization of retail are primarily across the C’s of the marketing mix, that is, consumer, convenience, cost, and communication. Technologies will play a huge role in transforming retail in terms of operational efficiency and improving customer services. Some of the key technologies facilitating next-generation services in the retail space are Cloud Computing, Big Data Analytics, Context-aware Computing, Augmented Reality, Indoor GPS, and Secured Digital Payment Systems.
- With a focus towards transforming retail into a customer-oriented business ecosystem, companies are trying to bring in transparency in the value chain by integrating customers in every segment of the supply chain. Technologies like Cloud Computing and Big Data Analytics are playing a vital role in providing the backbone for integration and improving the operational efficiency at every level.
- Improving the convenience in service delivery is another significant aspect companies are aiming at by leveraging emerging technologies like Context-aware Computing, Augmented Reality, Digital Payment and Indoor GPS. These technologies are mostly used for enhancing the marketing processes for a more targeted delivery of content. Increasing usage of mobile devices for shopping acts as the key facilitator for these technology adoption trends.
- The omni-channel marketing trend has made it difficult for marketers to retain customers in a competitive landscape. With better deals and services from various brands to capture market share, retailers are constantly trying to devise strategies for continued business from the same customer. Loyalty programs are one of the strategies retailers are focusing on to engage customers. Price reduction of products by lowering the cost of operation across multiple channels is another notable trend in the sector.
- With the increasing impact of social networking in the everyday life of customers over the last few years retailers are leveraging social connectivity as the tool for effective communication. However, this trend is slowly transforming to even make social networking websites the selling channel for retailers.

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