Today, retailers are being confronted with a host of challenges to stay competitive. Changing customer behavior, shifting sales channels, diversified payment methods, and fierce market competition make retailing more challenging than ever. The frequent shift of retail trends on-demand challenges the retailer to deliver a consistent customer experience and upends the sales cycle.
COVID-19 is disrupting everything this year including how the customers are shopping Christmas presents for their dear ones. The uncertainty that the pandemic raised has broadened consumers’ desire for choice and has brought about abrupt changes in their behavior. Hence to win the changing behavior and needs of customers, companies need to transform and innovate the in-store operations and provide a superior branded experience across channels.
As we got the retail industry leaders of the leading enterprises within India to talk about the current shifts happening within the retail industry in terms of technology and consumer behavior, the standard norms were disputed and innovative business strategies were brought forward for the quick win of Indian retailers.
AI-enabled facial recognition is vital for the retail industry as it can help retailers understand their customers better to deliver improved customer experiences. To win in this customer age, retailers need to move from their traditional retailing software and adopt client ling software coupled with face recognition.
Today’s environment requires businesses to respond on multiple fronts at once: they need to protect their workers’ safety, along with safeguarding their operational viability. To mitigate these risks, analytics has become an essential navigational tool as it supports numerous urgent tasks facing businesses today.
The unprecedented changes in the balance of supply and demand for retailers and fashion companies are leaving them in a deteriorating situation of having the wrong product at the wrong time in the wrong place. Resolving these imbalances requires better analysis, planning and execution across your enterprise, from finance, all the way through your supply chain.
In a way to sustain ahead of the competition, the fashion industry is always in a state of flux. This includes updating to the latest technology as well. With SAP implementing Fashion Management Solution, we need to look at how this would speed up a fashion business in their migration from AFS to FMS.
Based on the industry or the scope, the word omnichannel has been used very loosely to represent various aspects. The omnichannel approach shifts us to the whole customer experience from a focus on customer transactions to the entire customer journey. How can you then precisely describe the omnichannel before we dive into the secrets of excelling it?
Gartner expects that by 2022, 30% of large companies will switch to a platform and product-centric approach with standardized ERP capabilities at the heart of it. In such a scenario, the organizations are poised to create a digital ecosystem with SAP S/4HANA, which makes business processes seamless and is the direction you will take to accomplish rapid business growth in the years to come.
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