Today, the digital transformation in retail is highly significant for the success of any organization. With the help of digitization from the roots of supplier to customer value chain, the productivity is maximized by the use of social media, image processing, smart gadgets. The improved technology will allow the companies to reach the customers through multi commerce and the business analytics will help drive the decision making process. This is made possible by the implementation of Customer Intelligence Insights and Digital Commerce by using the platforms such as social media analytics, web analytics, personalization, loyalty management, recommendation engine, demand forecasting, supply chain visibility, collaboration and customer service. The customer intelligence will help to study the demographics of customer, which will improve the cross channel marketing effectiveness by lowering operational costs. Whereas the digital commerce will drive customer retention, operational efficiency by lowering costs throughout the supply chain. Many multi-retail brands such as Wal-Mart and Kroger are on their second year of digital journey.
The Global Digital Transformation market in Retail is estimated to reach $xx billion by 2020 with a projected CAGR of xx.xx% during the six year forecasted period. The major driver to this market is context aware digital commerce. The other factors include increased usage of smart devices, increased number of online shoppers, enhanced logistics support and efficiency in processes. With the increasing demand for better modes of delivery, payment and demand for specific product, key players are offering a wide range of online retail products to fit specific customer requirements.
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