Driving Digital Transformation in the Retail Industry

The way retailers distribute their products has been largely unchallenged for decades.
But the retail market is starting to face serious disruption.
Consumers’ shifting behaviors might seem alarming, but they actually present an exciting opportunity.
Change is afoot so it’s important to understand what’s driving these seismic shifts:
Millenials will represent about 30% of total global retail sales by 2020.
Millennials are at the forefront of shifting retail trends with their digital first attitude to buying both B2C and B2B.
Retail is fast moving from bricks to clicks with even luxury brands expecting to see 40% of sales move online by 2020.
88% of millennials only ‘sometimes’ or ‘never’ trust the media.
Millennials are seeking out people they can relate to online including influencers and online communities.
What does this mean for your business?
The traditional ways of doing business are under threat but there are ways to counteract this shift...
1. Diversify your retail channels
B2C brands can expand into the B2B wholesale market.
Wholesalers can expand into the B2C market.
Multichannel retailers can better leverage existing buyers.
2. Embrace all things digital
Consumers of all ages are actively seeking out the convenience of online purchasing.
Your B2B buyers will appreciate a buying experience that they’re already familiar with in the B2C market.
Explore new technologies including AR & AI to enhance the customer experience.
3. Streamline operations
With new buyers, opportunities and revenue streams, retailers must streamline their operations.
The key is process automation, which saves money and frees up staff time for other tasks.
4. Focus on community and relationships
Online communities are only a few clicks away, and all businesses can benefit from them.
Communities can help retailers determine interest and ramp up excitement for new products.
5. Use data to make better decisions
New technology makes it easier than ever to collect data.
Data can help businesses improve product quality, reduce costs, optimize inventories, and more.
How can you fearlessly transform your business?
Your digital transformation starts with the right technology stack. Speak with a TradeGecko representative today to see how your business can use technology to grow.