Digitization in retail sector
As we are cruising in the fast lane of services on demand, the physical retail sector has tried many ways to intersperse itself within this domain.
The early success of Amazon as an e-retailer led the early marches of physical retail diversifying onto the web to provide busy customers with better services.
Retailers in today’s world have developed a new sense of urgency when it comes to harnessing the power of on the move technology. Digitization has been the resultant child of the quest for pushing products online and companies trying to develop multiple revenue streams in that process.
Innovations such as usage of drone technology has seen Amazon taking the idea to the next level by delivering your packages exclusively through this novel method.
There is newly developed sense of urgency within the startups to deliver better suited solutions to bigger companies or even for its own innovative idea development to look into big data and artificial intelligence. The motive is simple, how to streamline the booming e-commerce sector with the sole purpose of digitization of the physical retail to online retail.
The new tips and tricks supported by aggregated learnings from big data revolution and machine learning algorithms is sending the digitization of retail towards a new pinnacle.
Other outstanding efforts include Bigbasket and many other niche services which are currently operating in at least three metros of India. Whether it is fresh delicatessen meat, online groceries and FMCG products or even wholesale grain stores with a side of sending out freshly chose farm produce delivered at your door step. The promise and the potential is immense when it comes to how the industry leaders and startups are lapping up the premise of digitization of retail sector.
Every bit of this revolution has to do with the idea that we have now reached an inflection point where the technology and web presence has become pervasive. While with this in mind the e-commerce and commerce world are no longer separate as they have merged within each other seamlessly.
Even the bigwigs who initially were against the idea of selling their exclusive stuff online are following the lead of other pioneers. Why? Simply because in today’s fast paced interconnected world, the only exclusive that exists are the offers the best products carry on different e-retailer websites.
The leading fashion brands are a great example of this who were reluctant to start with when it came to adapting in the modern e-commerce world. But now with advent of technology and pervasive nature of internet and connected devices, their first and foremost challenge is to tackle the demands of customers arising from their online sales.