Even though the economic landscape remains unstable, many retailers have found ways to keep growing. But to thrive, they will need to remain agile and respond to changes in consumer behavior, tight margins and the rise of e-commerce, says genpact.
Below, the tech advisor offers a quintet of priorities retailers should concentrate on to keep growing:
- Managing the shift from store-based outlets to accommodate online capabilities.
- Adopting a more connected approach to digital commerce in terms of technology infrastructure, customer journeys and operating models as traditional brick-and-mortar stores compete against next-generation retailers.
- Improving distribution through augmented supply chain visibility, integration and management. Order fulfillment (for example, last-mile delivery and curbside pickup), warehouse management and procurement all require investment.
- Ensuring digital capabilities are in place to support AI, cloud services and integration to deliver better online experiences. Retailers need to respond faster given the speed of change in consumer behavior and technological advancements.
- Addressing outdated legacy systems and neglected back-office processes to catch up with digital-savvy competitors.
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