Change is seldom easy, especially when the future is uncertain. In a recent BDO survey of major retailers. If you do that right, you’re providing value to your executive team and your leadership, but also value back into those markets or business units. Because you want that leader and that organization to drive a framework, strategy and standardization across all of your business functions, and in all markets. For brands and retailers, digital transformation has got to be one of the most confusing expressions that’s overused and misused. To achieve that, retailers and brands have embraced cross-channel integrations, virtual appointments, compliance monitoring and training to leverage store teams, even remotely. In fact, brands must remember that the store, particularly today, is about bringing experiences to customers, not just to sell goods. And we don’t stop to think through the change management required to bring the business along with us,” said Tate. That is a different lens through which to view retail transformation. The digital transformation of retail is progressing very fast and shows no sign of slowing down anytime soon. Technological advances and public policy liberalization are contributing to new flows of information, knowledge, and resources. Fifty million futures prepared for a world of opportunity. Telecommunications, Media & Entertainment. Digital should enable you to do those things. It shouldn’t be the end goal, Despite the pandemic, Katz highlights that brands must, “look for upsells in their interactions, ways to surprise their customers remotely or when they do come back. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Contact SimpliField today. Unsurprisingly, one third responded that Analytics and Dashboarding was a top priority, followed by Omnichannel Capabilities, Retail Execution and Digital Store Tech. Based upon data from a 2020 Forrester report, we asked our attendees exactly what were their retail technology priorities for 2021. The COVID-19 age is the new era of retail, and it’s an era that’s all about the customer. The panelists highlighted how retailers and brands have also increasingly focused on technology supporting better communication and customer experience, along with a big focus on improving efficiency. 1.Digital transformation is a means to an end: it’s about simplifying and modernizing processes to seamlessly deliver excellent customer experiences. , we spoke with global leaders who have actually led digital transformation initiatives and driven complex implementations for some of the largest retail organizations in the world, including, (Chief Digital Officer at LP Corporation and former Director of Strategic Enterprise Data at both, (Principal, Retail Strategy Group, formerly of Accenture, Ralph Lauren and Club Monaco). “In this crazy environment we’re living in right now, your people in the stores have lots to share with you. said Katz, and this by regularly communicating specific milestones in the ambition to achieve the longer-term vision. Being digital requires being open to reexamining your entire way of doing business and understanding where the new frontiers of value are. Need help building connections with your team, providing clear and transparent leadership, and rebuilding your communications to get real-time feedback from the ground up? If you do that right, you’re providing value to your executive team and your leadership, but also value back into those markets or business units. All the clothes you buy are something you place in your hands and put in your closet, where they occupy space. It’s sad to see “TO LET” boards hanging on what used to be retail stores. The Retail Transformation Cultivating Choice, experience, and trust New technologies and new ways to connect with consumers are transforming the retail sector. Read this article to understand digital transformation, how its key concepts apply to retail, and where Ionic can help on … "Branch transformation is more than a buzzword," said Pat Reetz, SVP of product management for retail banking and channels, Bank Solutions, Fiserv. And one key aspect of that was an enterprise strategy around data and analytics, both from a technical lens in IT, but also a business lens.”, “Digital transformation was always something that people strived for and had several years to go out and adopt. The moment you stop thinking about your customer, operations, or new opportunities in the market, you’re gone. For example, even though the majority of shopping still occurs in-store, 79% of US consumers now … Digital beginners should “establish a vision from the top, communicating it over and over again at an aspirational level,” said Katz, and this by regularly communicating specific milestones in the ambition to achieve the longer-term vision. Having said that, to create seamless customer experiences, the process of digital transformation must remove manual processes and redundancies, but always be customer-centric: “Digital transformation really just means the simplification and modernization of processes from your end-to-end […] but it must be centered around the customer”, Jonathan Tate explained how the team at Nike envisioned a digital transformation to move to a direct-to-customer market: “, It required a complete digital transformation in how we entered the market, delivered our product, and managed our business inside of Nike itself. 54% of respondents said that increasing operational efficiency via digital transformation was one of their top 3 business goals. But what does the phrase “digital transformation” really  mean for brands and retailers? Gartner can help you achieve the goal of retail digital transformation and innovation to enable the delivery of a unified retail commerce experience for customers. The technology evolution is requiring the traditional retail market to transform in order to meet consumer demands. Brands are very focused on protecting their revenue right now, which is very understandable, but it shouldn’t make them lose sight of what experience they want to deliver to customers.”. Even if digital transformation is a priority for most retail banks, reality shows there is still quite some work in the area of digitization, a conditio sine qua non for digital transformation, and of underlying processes that are often overlooked. For brands and retailers, digital transformation has got to be one of the most confusing expressions that’s overused and misused. Digital strategy, maybe. Because you want that leader and that organization to drive a framework, strategy and standardization across all of your business functions, and in all markets. All businesses will enter into a transformation phase due to the crisis, but you have to ensure that your business stands out. Fundamentally, digital transformation must also be founded on the value proposition of the company and its future. 3 Ways Retail Digital Transformation Drives White Glove Customer Service More than almost any other industry, retail has weathered the impact from our current digital climate the most. Digital transformation is an ongoing process: “Digital transformation is not a thing. © 2021. However, a data-obsessed culture first requires commitment to digital transformation. And digital is a way that we can open up new revenue streams, a way to do things differently.”. But the ongoing commitment to change management is much better,”, “establish a vision from the top, communicating it over and over again at an aspirational level,”. However, when you look at the potential that the process can offer, it becomes clear that digital transformation is not an expense but rather an investment. The Meaning of Digital Transformation for Retail. As you progress from strategy to execution, it’s important for the strategy to set the stake in the ground in terms of target business outcomes. In this webinar, we spoke with global leaders who have actually led digital transformation initiatives and driven complex implementations for some of the largest retail organizations in the world, including Johnathan Tate (Chief Digital Officer at LP Corporation and former Director of Strategic Enterprise Data at both Nike and Walmart), Liza Amlani (Principal, Retail Strategy Group, formerly of Accenture, Ralph Lauren and Club Monaco), and Jeremy Katz, SimpliField’s VP of Customer Success. Digital transformation is a term on the lips of many a retail CEO. -New retail models are arising out of new technologies and new ways to connect with consumers. And the problem with retail is that they don’t pay as well as companies like Google or Apple who are hiring the data scientists and the people that we need to actually really level-set this digital transformation.”. The retail transformation: Cultivating choice, experience, and trust 8 until they saw specific items in stores, many of today’s consumers (especially younger buy- ers) get inspiration and information largely online—and are more likely to limit their interaction with retailers to obtaining already- selected items. +44 20 3808 7164 (UK) For retail to move into this digital space and advance digitization, they need to hire the right people. Digital, disruptive and customer threats and opportunities for retail banks. Remember when retail was all about transactions? Consumers are simply changing the way in which they shop. Whether you’re looking to revitalize a business unit, enter a new market or undertake an enterprise-wide transformation, we have the skills and know-how to deliver sustainable change to your organization. Prior to the 1800s retail was predominantly made up of local merchants who provided full service to customers, think of the classic “general store” in any old western movie. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. According to Jeremy Katz, digital transformation is not a goal in itself, it is a means to an end: “The … AI, technology and digital changes are revolutionising consumer experience. +33 1 76 34 01 58 (FR). Learn everything from roadmaps to the new KPIs that will measure success for the future business, as industry inreasingly depends on digital products, services, and channels. Now that COVID is here, we don’t have that time or that luxury. It shouldn’t be the end goal,” said Katz. Having said that, to create seamless customer experiences, the process of digital transformation must remove manual processes and redundancies, but always be customer-centric: “Digital transformation really just means the simplification and modernization of processes from your end-to-end […] but it must be centered around the customer”, said Liza Amlani. 10 technologies leading digital transformation in retail. But the pace of transformation is so fast that they hardly get any time to settle down with the new technology and showcase a meaningful ROI from it. Indeed, without a corporate strategy led by true talent, digital transformation cannot be successfully implemented. “We can no longer survive with the old mentality that we leave it up to our market managers, store managers or retail directors to read their customers, and make gut decisions on what they think the right product assortment or mix of advertisements should be,” said Tate. Digital strategy, maybe. New technologies and new ways to connect with consumers are transforming the retail sector. Digital Transformation Poises Stores For Success Digital Stores Change Customer Expectations For Good Digital Technologies Create New Opportunities In The Physical Store Take A Long-Term View Of Success For Digital Store Transformation Building Relevant In-Store Experiences Is A Journey Recommendations However, when you think about it, retail hasn’t been changed into something digital. Now that COVID is here, we don’t have that time or that luxury. To effectively scale new business models, established retailers should pursue “small moves, smartly made”—testing, scaling, and incorporating the most successful ideas as foundations for their evolving businesses. It’s a business transformation that’s enabled by digital. “Launching initiatives big and small just simply doesn’t work if there isn’t very serious commitment from leadership. Unlocking value from emerging growth sectors requires a commitment to understanding the implications of developments in the marketplace and evaluating ho… Jonathan Tate explained how the team at Nike envisioned a digital transformation to move to a direct-to-customer market: “It required a complete digital transformation in how we entered the market, delivered our product, and managed our business inside of Nike itself. However, if you want to pull that product and customer data to drive insights and make better data-driven top-down and bottoms-up decisions, you need to get your employees on board. In fact, and particularly since the pandemic, the best way to ensure that you can totally understand what is happening on the ground is by sharing information with your store employees. If you can’t get them on board, your technology is not going to be implemented because they will fight the process. Today’s retail landscape is changing rapidly and dramatically. And the problem with retail is that they don’t pay as well as companies like Google or Apple who are hiring the data scientists and the people that we need to actually really level-set this digital transformation.”, 5 Ways SimpliField Can Help You Get Back to Business (Again), Ben Zenou’s 2021 Must-Read Books for Startups, The Gift of Giving: SimpliField’s Holiday Charitable Donations, The What, Why and How of Talent Empowerment in Retail. When retail sales have plummeted during the pandemic, finding the budget for a complete digital transformation isn’t something that all businesses are willing to do. And it becomes a very symbiotic relationship,” said Tate. That era is so far gone you can’t even see it from where retail is now. See Terms of Use for more information. That’s clear to anyone who spends his or her days trying to figure out how to please customers in an era of technological advances and digital transformation. "The branch is becoming a place for advice, guidance and help with more complex financial questions – and brick … Artificial intelligence systems can be … By codewave January 18, 2021 No Comments. Yeah, we don’t either. So we worked through a multi-phase strategy to look at end-to-end information and data insights about our consumers, market and product, as well as kickoff strategies that really revamped our entire business model internally. -Online marketplaces are transcending geographic proximity and expanding market demand for highly specific offerings. What is digital transformation in the retail sector? The back-to-school and holiday shopping seasons are quickly approaching, meaning there's never been a better time to consider job opportunities in the retail field. Finally, you can understand which marketing and merchandising strategies work—and which don’t. To compete effectively, traditional retailers should reimagine how they create and capture value, thinking past omnichannel positioning to find the best uses for their assets. This full service often included offering credit, repairs, and offering one-on-one services to consumers to explain the features and benefits of products. We are undergoing a period of data transformation in retail. Strategy is great. Technology is the underpinning of DX. It’s a necessity just to survive to get our entire technology stack digitized and give the ability back to employees to collaborate remotely and gather data through digital technology. Big changes, especially, require commitment and can attract organizational antibodies. For retail to move into this digital space and advance digitization, they need to hire the right people. transformation definition: 1. a complete change in the appearance or character of something or someone, especially so that…. For a fashion brand in particular, this means re-imagining how shopping in a digital world should play out. “The simplest thing you can do first is up-level a strategy around data and analytics as a company, and put that at a very senior place in the organization. What Does Digital Transformation Actually Mean For Retail. As a result, retailers face new pressures: -Lowered barriers to market entry are bringing in many new small players and fragmenting the retail landscape. Digital transformation — the use of technology to radically improve performance or reach of enterprises — is a hot topic for companies across the globe. https://www.myaccountingcourse.com/accounting-dictionary/retail-banking And so it’s important that you have the right communication channels to gather and leverage all of those market insights on what’s happening within, but also outside of your stores,”. And it becomes a very symbiotic relationship, “Launching initiatives big and small just simply doesn’t work if there isn’t very serious commitment from leadership. However, technology can help as … With brick-and-mortar stores closing down left and right, here are the top 10 digital tools giving brands a fighting chance. Digital transformation is an ongoing process: “Digital transformation is not a thing. If you can’t get them on board, your technology is not going to be implemented because they will fight the process. + 1 646 844 7895 (US) And digital is a way that we can open up new revenue streams, a way to do things differently.”. So really having that seamless integration across all staff is really key.”. To compete effectively, traditional retailers should reimagine how they create and capture value, thinking past omnichannel positioning to find the best uses for their assets. And so it’s important that you have the right communication channels to gather and leverage all of those market insights on what’s happening within, but also outside of your stores,” said Katz. The rise of e-commerce is fundamentally shifting the way consumers shop, now accounting for one-tenth of all retail … And we don’t stop to think through the change management required to bring the business along with us,”. And one key aspect of that was an enterprise strategy around data and analytics, both from a technical lens in IT, but also a business lens.”. Small niche players can reach consumers regardless of physical location. Its ever changing nature also means that it requires adequate change management: “What’s been a big blocker is just the assumption that we can easily make everyone understand what digital transformation is, or that they understand the tools and the technologies. As Amlani points out, the data needs to be hyper-localized to answer the right customer needs, “because once you really understand your customer, and get your staff on board and empower them, you’ll see a successful transition. The moment you stop thinking about your customer, operations, or new opportunities in the market, you’re gone. Please enable JavaScript to view the site. However, digital retailing might mean something different entirely different… For some dealers and retailers, digital retailing means assisting consumers with the actual deal-making process (ex: filling out paperwork, signing up for a test drive, etc.) Despite the pandemic, Katz highlights that brands must “look for upsells in their interactions, ways to surprise their customers remotely or when they do come back. Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. It’s a necessity just to survive to get our entire technology stack digitized and give the ability back to employees to collaborate remotely and gather data through digital technology,” said Jonathan Tate. We’re in the midst of a pandemic on one side and the retail apocalypse on the other. Enterprising solution providers continue to find new ways to take data, often from disparate sources; unify the information; and then leverage artificial intelligence to extract insights that guide actions. Learn more. -Technologies such as on-demand fulfillment are changing how and where retailers hold inventory. Step 1: Identify your transformation objectives. But it is the reason I believe that the phrase “supply chain transformation in retail” is a misnomer, a point I will buttress later in this article with three case study examples of supply chain transformation initiatives from my consulting work in retail. Its ever changing nature also means that it requires adequate change management: “What’s been a big blocker is just the assumption that we can easily make everyone understand what digital transformation is, or that they understand the tools and the technologies. According to Jeremy Katz, digital transformation is not a goal in itself, it is a means to an end: “The goal is really for companies to help deliver incredible customer experiences that help drive revenue at the end of the day. According to Jeremy Katz, digital transformation is not a goal in itself, it is a means to an end: “The goal is really for companies to help deliver incredible customer experiences that help drive revenue at the end of the day. Jeremy Katz highlights this is what SimpliField teams have been working to solve with clients: “What we’ve seen in 2020 with some of the major shifts in the market is that the goals of brands have shifted fairly dramatically on very targeted, quick wins in order to ensure a few things: safety for their employees and customers, defending revenues, and upgrading remote experiences that they can offer to their client base.”. Every aspect of food retail is poised to undergo some degree of optimization, enhancement and transformation in 2021. According to Amlani, this also means investing in talent: “There’s a labor challenge. This reimagining of business in the digital age is digital transformation. Driven by the Big Shift’s forces, consumers are becoming far more informed, and product choices are proliferating rapidly. When we asked the webinar attendees what their biggest challenges around digital transformation were, the lack of corporate strategy, internal talent, and internal agility came through as the top three concerns. Jeremy Katz highlights this is what SimpliField teams have been working to solve with clients: “What we’ve seen in 2020 with some of the major shifts in the market is that the goals of brands have shifted fairly dramatically on very targeted, quick wins in order to ensure a few things: safety for their employees and customers, defending revenues, and upgrading remote experiences that they can offer to their client base.”, “The simplest thing you can do first is up-level a strategy around data and analytics as a company, and put that at a very senior place in the organization. April 16, 2019 Import.io Ecommerce, Transform. As Amlani points out, the data needs to be hyper-localized to answer the right customer needs, “because once you really understand your customer, and get your staff on board and empower them, you’ll see a successful transition. DTTL and each of its member firms are legally separate and independent entities. Digital transformation creates AI-driven sales techniques. 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