Digital Trends in Retail
Automating and digitizing your retail business operations is no longer considered optional in today’s competitive retail ecosystem. According to the Deloitte retail 2021 report, retailers foresee a continued increase in demand for digital engagements through 2021. The report also states that 88% and 78% of retailers will prioritize investments in digital acceleration and supply chain resiliency respectively in 2021.
Retailers understand that consumers have become accustomed to digital e-commerce channels. Retailers are not just selling merchandise via their online channel during the pandemic, but many have adopted new sales models such as Buy Online, Pick-Up in Store (BOPIS) which allows a consumer to make purchases online and pick up their order from the store.
To meet the demands of their customers, retail businesses should focus on automating their end-to-end supply chain processes. According to Deloitte’s Pre-Thanksgiving pulse survey, 56% of shoppers in 2020 said they planned to shop beforehand to avoid stockouts, versus 42% in 2019. The best way retailers can prepare for new buying behaviors and replenish stocks proactively is by automating their business operations, integrating disparate applications together and having an end-to-end integrated resilient supply chain. Retailers can achieve this automation and digitization by implementing application integration solutions with robotic process automation (RPA) capabilities.
Retailers use multiple software applications that are a mix of on-premises and cloud. The retail application stack consists of payment processing, inventory management, point of sale (POS), retail ERP, marketing automation, e-commerce platforms, B2B vendor management, and many more. A smart retailer knows that all these applications must talk to each other and work in sync with automated workflow processes in place to deliver superior experience with trading partners and customers. Running retail applications in silos will lead to extensive manual work prone to errors and delays. End-to-end integration of cloud and on-premises retail applications is crucial for retail businesses. Application integration solutions with RPA capabilities help retail business to easily connect all their retail applications and automate retail business processes end-to-end.
Retailers should invest in a unified application integration and RPA solution that lets them quickly connect all their cloud and on-premises applications and orchestrate their entire business operations with automated workflow processes. The solution also needs to have the capability to create and manage APIs that help retail businesses to automate business processes and most importantly share and get access to information from applications in real-time.
Retailers should adopt a strong application integration and robotic process automation solution that allows them to seamlessly connect their applications across their retail business ecosystem and automate their business processes. Here are 5 business benefits that the retail industry can gain by implementing a unified application integration and RPA solution.
Retail has always adopted emerging technologies that help businesses run more effectively. Retailers need to unlock the potential of their retail business through a digitization strategy to drive higher productivity and lower costs. To deliver the best retail customer experience, retailers should start integrating their application stack and automate their business processes to build a resilient supply chain by investing in an unified end-to-end integration and robotic process automation solution. The syncing of the entire retail ecosystem elements from production to delivery will empower retailers to do accurate demand forecasting, run effective marketing campaigns, boost sales, and deliver exceptional customer experiences amid unprecedented times.