Retail Digitalisation

Oliver Atwal
Mar 20, 2017 · 3 min read

Digitalisation has changed the behaviours of buyers, venders, wholesalers and retailers may profit from this. They must keep up with supply chains that are currently experiencing a tremendous and quick change. For the customer, the shopping experience is set to become much more seamless and easy. However, this tests the suppliers more and more.

Digitalisation is the integration of digital technologies into everyday life.

Digitalisation has changed our lives from the way we work to the way we live. At work, it has improved our mobility, enhanced the tools we use to be more productive and effective; leaving us with more time and the opportunity to experience a more combined work-life-balance. At home, technology allows us to entertain ourselves, we are able to complete many complicated tasks with a few simple touches.

“I do not fear computers. I fear the lack of them.” — Isaac Asimov

Modern customers are often overwhelmed by the endless torrent of information, fuelled by big data, the Internet of Things and a vast array of websites. Buyers have access to unlimited online outlets that allow them to research everything before they buy. Information about products and services is literally at their fingertips. Digitalisation puts the consumer at the wheel, giving them the power to be more informed, more demanding and even more vocal.

“We are moving slowly into an era where Big Data is the starting point, not the end.” — Pearl Zhu

As a result of these new options, companies have been pressured into becoming more adapting to an online market, being more open and efficient. From the retailer’s perspective, online means have become the most important way to execute promotions, stimulate sales and increase their all important market share.

“[To] keep up with rapid technology cycles and improve their multi-platform marketing efforts, companies need to take a different approach to managing the consumer decision journey, one that embraces the speed that digitalisation brings” — McKinsey and Company

While digitalisation provides the ever more careful consumer with a whole new shopping arsenal, it has not made offline shopping or real shopping trivial. Let’s look at some statistics. Although online purchases are increasing rapidly, offline shops still account for 83% of sales.

Oliver Atwal

Written by

student/18 http://oliveratwal.me/

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