With grocery transitioning more rapidly than ever into a consumer-driven industry, issues such as determining the best product mix and inventory size are strategically important for a grocer looking to cash in on e-commerce sales. With ever-shortening lead times, item basket customizations, and year-round discounts, inventory management plays an even greater role today than ever.
To thrive in an over saturated industry, grocery giants had always been investing a lot more into price optimization for generating the right pricing perception to convince their customers. The latest advancements in technology coupled with the 360 degree shift in customer behavior is a wake-up call for the grocers to clean break the dry run with their legacy pricing approaches to embrace Artificial Intelligence for pricing and performance measures. But how precisely can the grocery chains leverage Artificial Intelligence to make pricing optimization more convenient and quick to hold up and succeed?
Grocery is facing a new truth in 2020: an exponential growth in digital food shopping that has gone well beyond the pre-pandemic predictions. While other retail segments have made significant progress, grocers will need to transform to this digital reality now or risk losing out to their competitors. Many areas of the business therefore need enhancements to support online and make the end-to-end fulfillment processes efficient.
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.
Even though COVID-19 was unprecedented for most of the businesses across the globe, companies running SAP solutions were well prepared to handle the crisis. For SAP and its solution providers, business continuity is always on top. With that clarity, thought leaders can certainly re-align their business intent with consumer values and concentrate on the innovation to get through the crisis.
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.
The retail apocalypse is here, and the trends show that consumers are moving faster towards digital interactions, shopping from the comforts of their homes than visit the actual stores. But does this mean the demise of the brick-and-mortar stores or can they along with online shopping peacefully co-exist?
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