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Digital Transformation - Your Ally in Surviving Recession
Recessions - defined as two consecutive quarters of negative economic growth—can be caused by economic and financial shocks or pandemics like the current COVID-19 outbreak. They result in reduced revenues due to dispirited consumer sentiments about the future and an overall fall in demand.
Digital Transformation in Retail During Covid19
Taking this time to digitally transform your business, through modern technology is a smart way to mitigate the damage caused by the pandemic. Investing in IT makes sense during an economic slowdown because of lower opportunity costs as compared to when business is in full swing. Companies that do not transform digitally run the risk of widening performance gap post-recession, making it difficult to sustain in the future.
The bottom line is, even when revenue is low, upgrading your systems digitally makes you better poised to bounce back once the recession is over.
Investing in Technology in the Current Times
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What Does Digital Transformation Mean for Retail
Digital transformation can help transform not just customer experiences but also the back end processes, serving as a catalyst for several changes in the organization such as:
One of the most compelling reasons why the retail sector needs digital transformation is because it helps bridge the gap between what the tech-savvy customers want and what traditional retail can deliver. This applies to all kinds of retail businesses like department stores, convenience stores, super markets, warehouse stores, e-tailers, etc. What's common across all types of retail businesses is that the consumers expect a seamless, hyper personalized shopping experience. With some form of social distancing expected to stay beyond the COVID-19 outbreak, the customers will also need contact less services, a super-efficient offline and online shopping experience, fraud protection and above all, finding all that they need in one place.
Digital Transformation in Retail During Covid19
Let's get into the specifics of what Digital Transformation can help you achieve. Even after the COVID-19 outbreak is contained, the threat of new viruses will loom large over the planet. Any form of contact, especially with unknowns, will be deemed as a risk. Consequently, business processes will need to change such that they minimize human contact.
Ö Drone based last mile delivery
Ö Self-checkout kiosksÖ AI based inventory management
Ö On-premise security and surveillance
Some of the solutions that can be implemented with the help of technology are:
Ö Fraud protection in real time
Ö Contactless payment methods
Contactless Solutions for Retail – A Necessity in the Post COVID-19 World
Ö Accessible to customersÖ Flexibility to scale up or down
Ö Efficiency in processes
Ö Data driven decisionsÖ Sources of Revenue
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Digital Transformation in Retail During Covid19
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Transforming Digitally with InfoVisionFor over a decade, InfoVision has provided convenience stores, retail banks, telecoms and restaurant chains enviable technology solutions with transformative results.
Here's a glimpse into in the past and the solutions implemented:InfoVision's engagement with retailers
Analytics Platform for a Telecom
The inventory management solution also provided shipping services with live tracking features on mobile platforms. Other e-commerce services like promotion services, shopping cart services, catalog services were also implemented.
Hybrid MPOS application
Implemented next generation drive-ins with EZ link and credit card payment gateways that make it easy for customers to order on the go for a leading fast food company.
The analytics system implemented for a leading telecom service provider, helps in fraud detection in service usages & provides billing dispute resolutions without delays.
Transformative solutions that include mobile wallets, mobile checkouts and rewards systems to help a multinational chain of convenience stores acquire, retain and engage with their customers.
Implemented for a leading financial services provider to tap into digital transactions space. The highly secured system provides seamless integrations with card reader, barcode scanner, cash drawer and also with the analytics and reporting platforms.
Drive-thru and 24/7 Online Delivery
Inventory Process Management for an e-commerce Company
Mobile Wallet and Checkout
Implemented for a leading retailer, the system monitors warehouses in real-time and minimizes product misplacements, overstocking, spoilage of perishable goods and overhead costs.
The system prevents fraudulent transactions in real-time by analyzing spending patterns, transaction times, emails, web activity patterns, repeated transaction patterns, IPs, Zip Codes and so on.
An efficient user data management solution for a leading chain of convenience stores that blocks duplicate user sign-ins. The single server add-on solution works on advanced record linking technology, which enables merging of multiple databases into a single master database. It matches user data by comparing data points such as username, email, phone number, address, SSN, linked credit cards, IP data, and much more.
This solution was implemented for an international chain of convenience stores with 60,000 store locations. It is an end to end supply chain that holds records of digital data using Hyperledger which enables customers to track the journey of a product across its entire lifecycle building trust and boosting engagement.
A financial app implemented for a leading retail bank to minimize face to face interactions. It allows the customers to transact, view balance, manage their account, mortgages and loans without visiting the branch.
AI Based Analytics System that Predicts Consumer Behavior
AI Enabled Inventory Management Using Drones
AI Enabled Analytic System to Prevent Fraud
The system analyzes purchase histories and recommends popular items to new users in real-time for a leading online retailer. The AI recommendation engine was implemented using Neural Network Classifier, a standalone software that did not need in-house development.
Blockchain Based Supply Chain
Mobile Banking App
Smart Data management
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While we continue to enable our retail clients to stay competitive in the current scenario, our NextGen iLab has been busy creating technologies for the future. A good number of them help in minimizing contact and physical touchpoints.
Digital Transformation in Retail During Covid19
Ö An app that visualizes how a true-to-scale 3D product (like a furniture) would look like in an AR Mobile App: end-user environment.
Ö An AI powered chatbot available 24*7 that helps customers to place an order with minimal user AI Chatbot:interaction from their respective devices.
Ö A mobile application that lets users upload pictures of returned AI Based Damage Assessment:vehicles(taken on lease) to AI/ML servers. The algorithms in turn identify parts that need to be repaired or replaced and calculate damage estimates. All of this is done in a matter of minutes; greatly optimizing repairs and claim management process.
Some of these are:
Ö An automation solution for invoice processing using UiPath. RPA (Robotic Process Automation):
Ö A Computer Vision based solution that tracks multiple people and monitors them in Artificial Intelligence:a specific setting.
Ö A machine learning based plug and play solution that is highly adaptive to Customer 360 Degree Solution:new data or changing data. It is a self-learning system that can identify duplicates in real time, and help triangulate the consumer's identity. The system eliminates expensive ETL processes and provides businesses with real time insights to enhance consumer experiences.
Ö A smart solution for school canteens to identify food picked up by every student in Smart Food Detection: real time and alert the cafeteria assistant for food allergens, if any, specific to students.
Ö A high end solution that locates and inventories hard to Inventory Tracking using Autonomous Drone:reach assets in a fraction of the time by creating indoor 3D maps and initial flight vector points using Lidar technology. Drones can fly autonomously with the reference map and flight vectors and scan inventory up to 4 feet range (through obstacles) and up to 30 products simultaneously. The inventory database is updated in real time.
InfoVision's NextGen iLab – Eyes On the Horizon
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While we continue to enable our retail clients to stay competitive in the current scenario, our NextGen iLab has been busy creating technologies for the future. A good number of them help in minimizing contact and physical touchpoints.
Digital Transformation in Retail During Covid19
There have been some recent examples of retail giants feeling the heat of underperformance simply because they did not keep pace with the changing retail story.
Macy's
Consider the example of Macy's. Analysts point out that they faltered at various levels like product differentiation, space planning, poor in-store experiences and inability to manage increasing inventory. The brick and mortar stores of yesterday can survive only by undergoing a complete overhaul in digital strategy and having a long term vision, something that Macy's is learning the hard way.
Kohl's
Messy stores, unappealing promotions, out-of-style merchandise, overflowing racks, declining mall traffic, dismal in-store experience, bad website experience, and poor online delivery have all contributed to the slow decline of Kohl's. A significant investment in store interiors and IT infrastructure is the imminent step to survive the impending apocalypse.
There are similar stories of other retailers who could lose their competitive edge by sticking to traditional business models:
Ö Capri Holdings (Michael Kors, Versace, Jimmy Choo)
Ö J.C. Penney
Ö Levi Strauss
Ö Neiman Marcus
Ö Nordstrom
Ö Signet (Kay Jewelers, Zales, Jared, Piercing Pagoda)
Ö Dillard's
Ö Tapestry (Coach, Kate Spade, Stuart Weitzman)
The Cost of Not Transforming Digitally Can be Very High
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Digital Transformation in Retail During Covid19
We refer to our client's as 'Partners' for a reason. Every solution that is proposed and every milestone that is achieved, is done by collaboration and working together as a team.
Before suggesting and developing solutions for our partners, our team of experts assess their Digital Maturity and only then arrive at an optimum level of changes and digital transformations needed.
Digital transformation can be seen as a journey having different levels. Starting at the beginner's level, organizations can progress from making incremental service improvements to transforming their services and products completely.
Partnering with InfoVision
Digital capability measures the current use of digital tools, data collection and data storage practices and integration of various systems and processes. Digital vision on the other hand refers to the commitment of the top executives and the company's digital strategy for improving its digital standards.
There are two main factors that influence your digital maturity level, digital capability and digital vision - one which focuses on what is in the present and the other which sets the direction for the future.
Digital Maturity assessment is a proven methodology to understand your present level of digitization, how it compares with your rivals, and identify areas that can be digitally transformed.
What is Assessment? Digital Maturity
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Digital Transformation in Retail During Covid19
InfoVision's Digital Maturity Assessment gives a structured overview of your current digital capabilities and identifies your digital strengths and weaknesses.
Finding Out Your Digital Maturity with InfoVision - Our Approach
We do this in 4 stages:
STAGE
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Conduc t i n te rv iew s e s s i o n s a n d d i s c u s s i o n s w i t h relevant stakeholders from your organization over the course of a week or two.
Based on our assess-ment framework we ask quest ions and establish key criteria for weighting and scoring o f responses. The question categories will cover all aspects of your digital and IT capabilities and the responses will have a s c o r e f o r e a c h category.
Once the responses are in and scored, they are eva luated and analyzed to get an understanding of the present capabilities.
In this phase our team of experts identifies next steps and presents a digital road map taking into account your company's goals and visions for the future. The final a s s e s s m e n t w i l l b e presented in a document that includes graphical results clearly depicting the g a p s a n d a r e a s f o r improvement
Conduct Interviews
Establish Scoring Criteria
Analyze the Results
Develop and Present a
Digital Strategy
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Digital Transformation in Retail During Covid19
Ö What is your mobile maturity level?
Ö How will the proposed digital initiatives impact your business?
Ö What is driving your digital transformation? Changing demands of your customers, innovation in products, regulations or new markets?
Ö How ahead or behind the market are you in your digital transformation?
Ö What kind of digital capabilities does your company have currently?
Ö Where are you in your digital transformation journey? Do you have buy-in across the organization?
The helps Digital Maturity Assessment to get clear answers to questions like:
Ö How comprehensive is your organization's digital transformation strategy?
How is Digital Maturity Assessment Useful?
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+1 469-533-7285
www.infovision.com
EMAIL US
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