Moving to digital: With the advent of technology, everything is moving to digital, and the customers have changed the way of shopping altogether. As a result, retailers must migrate from traditional to innovative tools to offer different buying channels. In the absence of assisted selling opportunity, market sentiments will become the key influencer, which cannot be fully controlled by the product owner. This along with the dynamic market situation leads to an unpredictable business outcome.
The traditional way of set-it-and-forget-it budget planning once a year may not be the right approach to sustain in such fast-growing business situation. In the changed business climate, having a more agile and continues planning process will help the organizations to identify and adapt changes faster with newer, fresher, and more accurate information. This approach can directly impact market position and profitability. The smart retailer can challenge itself today to embrace the changing landscape as opportunity for growth and competitive advantage, and to establish the framework for taking advantage of enabling technology.
Global markets: Technology has made the world a smaller place to live, making retail markets expand beyond the borders. Entering the world markets will not be accessible if the industry does not update its old ways to integrate new ideas. Organizations need to be armed with tools and techniques to continuously assess the inflight performance, conduct cost vs benefit analysis, and make near-term and long-term changes, easily accessible insights for decision makers to concur the investment changes. This helps any organization to become more agile while executing the strategy.
Need for novel approaches: The recent trends show retailers investing their time and energy in data analytics and innovation. When data analytics takes centre stage, it becomes inevitable to have accurate, real-time data that can positively contribute to the enterprise’s success.
