Retail and digitization. It is not a new concept but something that has existed for decades. In the recent wake of the COVID-19 pandemic, the world moved to digitization.
Call it the repercussions of the pandemic or the opportunities that came along, digitization has started to inch itself into almost every industry.
The challenges thrown by the pandemic, such as global lockdown, social distancing, and the remote work of the model, ensured the companies leverage the digital mode of operations.
The same was observed in the retail segment.
The brick-and-mortar players soon started relying on online and e-commerce to maximize their sales, profits, and simultaneous productivity to remain competitive in the retail market.
According to recent research, the global market value of the retail industry will reach USD 62 Billion by 2025.
This rising figure attributes factors such as the increasing adoption of big data analytics, machine learning, blockchain, and other emerging technologies by retailers.
The retail industry utilizes an e-commerce platform to perform its sales, acquire its customers, and deliver products and services to its customers with utmost efficiency.
As they call it, Smart Retail is becoming the first choice among the major retail players. The latter not only contribute their bit to achieve growth but also achieve the maximum possible growth for the entire stakeholders.
Among the several retail industry segments, robotics accounted for the largest market share globally in the year 2021.
Such market growth includes the ease with robots simplifying the process of finding suitable products for customers, thereby increasing the deployment of robots in supermarkets, hypermarkets, and other retail stores and making the shopping experience easy for consumers leading to the growth of the robotics market.
As the increase in retail industry market value pushed the retail players to digitize their operations through various channels, it has also resulted in the evolution of the retail analytics market.
Analytics, be it data analytics or market forecasting, plays a vital role in the growth of an industry, especially in these changing digital times.
The recently conducted research suggests the market value of retail analytics will reach USD 11 Billion by 2025.
This rise in the market figure results from the rising demand for dashboards for data visualization and a continuous increase in data generation activities among the retail players. Like other industries, Retail is also leveraging digital to give rise to retail operations, drive sales, and offer digital customer experience to the masses.
Emerging retail industry trends include increasing sales on the Internet, omnichannel shopping, new business models, and smart stores that drive customer experience and streamline retail and products by meeting these customer expectations with precision.
In 2021, research conducted by Statista predicted that 80% of retail interactions of customers will be facilitated by emerging technology like AI.
This marked the rise of digital platform performance achieving maximum growth with minimum inputs.
By now, it has become clear that digital is and will be the future of the retail industry. Apart from utilizing emerging digital tools and technologies, there is something that retail enjoys doing the most the utilization of ERP software, that not only adds value to the systems but also enhances customer experience in digitally-driven ways.
Like other digital tools and technologies, ERP software helps businesses achieve their business goals by digitally streamlining and digitizing their several business processes. Fox ERP is a comprehensive suite of business process management tools that helps businesses record all their business transactions in one system and drive growth. Fox ERP offers unparalleled advantages over any conventional ERP. It is the most user-friendly ERP because of its simple & elegant UI, allowing users to achieve maximum output with minimal clicks.
It is designed and programmed in a highly productive and efficient way to create user-friendly, low-cost, and effective ERP products for our clients to exceed their expectations.
“Fox ERP for Retail” is specifically customized software for the retail business that helps retailers achieve their digital goals in the most efficient and digital ways. From maintaining Point of Sale (PoS) to generating automated billing and pricing, “Fox ERP for Retail” eases several retail business processes and helps retailers achieve their business objectives.
Digital and Retail go hand in hand. With the rise in digital business practices, Retail is also digitizing its business processes digitally, which helps businesses drive growth and enhance customers’ experience.
“Fox ERP for Retail” enables customers to drive growth, generate market value, and digitally streamline retail businesses.
The world has changed, and so have the ways of doing business. Since the emergence of the COVID-19 pandemic, we have seen an unprecedented shift in how organizations carry out their business processes.
It’s a world of emerging technologies, and organizations across industries are adopting them quickly. Supply chain operations, too, hold a significant share among organizations and businesses utilizing such technologies for their operations.
The times have changed, organizations have transformed their ways of doing business, and companies are shifting to an all-new digitized way of doing business.