How customer-centric technology is reshaping retail industry
Under a strategy of omnichannel retail, the challenges of digital transformation can be turned into opportunities
Many substantial risks are inherent in the retail sector’s digital transformation. As technology develops, retailers are routinely required to take leaps of faith – boldly predicting the wants and needs of tomorrow’s consumers to meet them in the future with innovative solutions. Combine this reality with the fact that technological advancements arrive on the market with ever-quickening time frames, and we see the sector undergoing remarkable change that needs bold leadership and a vision that not only predicts the future but strives to create it.
MasterCard’s retail report, ‘Top retail trends to watch in 2022: New ways to shop, sell, pay and experience’, points to a continued blurring of the lines between in-store and online shopping. It states that, going forward, we can expect to see extra consumer focus on online marketplaces, new ways to pay, experiential retail, privacy, and purposeful buying. As the CEO of a retail brand, I believe these latest shifts present an opportunity for retailers to push their existing digital innovations to new heights.
The road ahead is yet to be traveled. And while this can present risks, retailers will need to innovate constantly, focusing on new ways to shop and pay – including a reassessment of how they’re reaching consumers and the types of experiences they offer. The alternative, maintaining the current path, while it presents a low risk, will ultimately lead to obsolescence and a migration of once-loyal customers towards pioneering retailers that successfully meet new consumer needs.
Omnichannel for the win
Under a strategy of omnichannel retail, the challenges of digital transformation can be turned into opportunities. An omnichannel strategy enhances customer experience and provides the required channels to purchase goods where needed, whether on mobile, online, or physical stores. This enables us to anticipate customer demands and pressure points and pursue new opportunities to be where the customer is. For example, ‘Click and Collect’ style options offer greater customer flexibility and choice, a service for all online orders to give our customers greater control for contact-free pick up of orders.
Taking an all-encompassing approach, we continue to make this journey more robust and inclusive by working with stakeholders and identifying new partners, strengthening the outcomes, and supporting our broader network. For example, critical Carrefour innovations include joining IBM Food Trust, a blockchain-enabled global ecosystem for the food industry run on IBM Cloud. By simply using their smartphone to scan a QR code on participating products such as Carrefour’s fresh chicken, customers will be able to get immediate access to actionable food supply chain data, from farm to store shelf. The history of the product, including production process, halal and hygiene certifications, date of birth, nutrition information and temperature data, will be readily available once uploaded onto the blockchain. This transformation journey will further reveal a host of exciting, customer-focused experiences, and solutions for those retailers ready to embrace them.
