The retail industry is experiencing a period of significant change. As competition intensifies and consumer purchase behaviour changes, retailers are having to adapt their business to transform the customer experience.
In the last decade the focus has been on the division of retail into bricks and clicks, in the next decade attention will shift to combining these businesses to leverage the value of in-store service and the convenience of online purchasing. Technology innovation lies at the heart of this retail transformation.
A robust technology infrastructure is critical for retail organisations to enable the transformation of their business model and the customer experience. Some of the major technology challenges facing the retail industry include:
- Adoption and integration of the latest technologies
- Transformation of business and sales models to deliver customer experience innovation
- Migration to phygital commerce
- Development of Big Data analytics capability
- Development of an omni-channel / multichannel experience
- Transformation of the core IT infrastructure to support the adoption of digital technologies
At Wavestone we understand the retail technology business opportunities which can drive innovation, improve competitiveness and deliver successful digital transformation. Retail organisations are considering the modification of their point of sale (POS), deployment of Beacon, RFID and other in-store technologies, installation of contactless payment systems and use of smart devices to gain a competitive advantage. To support the integration of these technologies, the IT and networks infrastructure will need to change as some of the latest technologies and innovative models cannot be implemented using existing legacy systems.
Wavestone works with retail organisations to establish an innovative IT ecosystem by:
- Scoping and defining business and technology requirements
- Designing the operating model to support the new business and sales models
- Reducing costs through strategic sourcing, using our proven methodologies
- Leveraging the latest technologies to support retail digital transformation
- Successfully delivering a digital transformation programme
By implementing the right retail technology infrastructure and delivering a connected customer experience retail organisations can increase profitability, enhance their customer insight and improve the operational efficiency of the organisation.