Today innovative disruption has impacted almost every aspect of business. A new relationship between companies and customers is taking center stage, which is driven by a new wave of digital transformation.
Retail industry has been undergoing a radical shift over the past two decades. Retailers are using digital technologies to create game-changing business innovations that are changing the existing dynamics and developing new ones. Consumers today are hooked on the real-time, personalized world of digital landscape, while retailers have to reach them in new and exciting ways. Thus, “digital transformation is all about reimagining how to bring people, data, and processes together, create value for customers, and maintain a competitive advantage”.
While every sector is fundamentally impacted by technology in many ways, but retail industry has been affected the most by the underswell of digital transformation. Retailers can leverage huge amounts of data via machine learning and artificial intelligence to open new opportunities.