Harnessing Digital Transformation For Nigeria’s Retail Industry
- March 24, 2021
- Posted by: Kedrus
- Categories: Digital Transformation, Innovation, Retail
The retail industry needs to approach the new world we are living in with a digital-first mindset. —using digital solutions to help better know customers, to empower employees in new ways, deliver an agile and resilient supply chain to meet customers where they are, and ultimately reimagine the future of the retail business.
As of 2021, 40 petabytes of retail data will be generated. For perspective, if you recorded a one-petabyte song, you’d need 2,000 years to listen to it.
That data has enormous value, but because it is 90 percent unstructured it’s challenging to separate signal from noise.
Today, by deploying digital transformation retailers can unlock the power of that data.
This can range from predictive analytics that makes intelligent recommendations to customers, to connecting with shoppers within a store or web site, to attacking fraud and shrinkage.
We believe that data is one of the most valuable assets for retailers. like inventory and stores.
If properly understood and thought of strategically, retail data can open entirely new businesses, revenue streams, and consumer differentiation.
The promise of digital transformation for Nigeria’s retail industry is enormous.
Globally, 50 percent of consumers have tried new brands. Consumers are also buying more online and gravitating toward contactless pickup of purchases.
Retailers who invest in digital technology are showing themselves to be better equipped to deal with this shift and stay connected with existing customers while also attracting new ones.
Leaders in the retail industry must quickly adopt digital transformation if they hope to maintain market leadership.
Deploying digital transformation can put wind in the sails of any retailer. A recent study has shown that Implementing digital can add 10 to 15 percent to topline revenue performance by helping retailers meet customers where they are, regardless of retail channel.
Digital transformation also helps retailers add value to existing customer relationships and can give retailers access to new skillsets.
Recently, a Top retail brand-Columbia Sportswear was able to quickly pivot in-store purchasing experiences by deploying a digital transformation solution like Dynamics 365 Commerce to deliver safe and secure buying experiences for both their customers and store agents.
The Dynamics 365 Commerce offers rich and intelligent B2C capabilities. It allows retailers to be able to deliver streamlined and intuitive purchasing experiences for both consumer and business partners on a single connected platform.
Kedrus Consulting deploys digital transformation solutions for retailers here in Nigeria.
We can help retailers improve their business outcome remarkably without breaking the bank.
Reach out to us today and let’s help you build a solution that’s best suited to your business needs and processes
Visit our website: www.kedrusconsulting.com or call : 08063495382