April 19, 2021
April 19, 2021
By the middle of 2020, the word ‘digitalization’ became a trending topic amongst key decision makers across various industries and sectors, not discounting retail. Many retail businesses had to cease operations for months or shut for good, due to their inability to adapt to the pandemic quickly and their need to transform their businesses digitally.
The unforeseen and unfortunate circumstances hit everyone fast, and it eventually became almost impossible to sustain for a long term in the business world.
Below are some of the key challenges faced by the retail industry today:
Increase in resources and supply costs
Due to the pandemic, suppliers are raising the cost of ingredients and resources. Delivery vendors are also increasing delivery service rates. Different payment gateways and platforms are also raising their charges over time. The rising costs can lead to a strain on the local SMEs, but because the traditional SMEs do not typically forecast their expenditure due to the lack of digital tools to plan ahead, this could lead to an unforeseen circumstance when they are unable to recoup the losses.
Lack of training for employees to go digital
Existing operational manpower are not trained sufficiently to manage complicated software, to handle customers’ information, logistics management, inventory management, loyalty programs, digital payment and financial reconciliation.
This results in data and information being fragmented on various software platforms which are unable to consolidate the information well to provide insights to the business.
Keeping up with consumer demands
Customers are becoming more conscious about hygiene due to the pandemic and would prefer to browse through a digital menu and make digital payments to avoid possible contact when they enter the retail store. Retail stores that have kept up with the times would have gone digital to attract the new generation of consumers. Furthermore, they would have their customers’ data to continuously engage with them after they left the store.
The traditional retailers that could only receive cash payment or only provide physical touchpoints would run the risk of putting customers off and because they do not have customers’ information, they would have a tough time retaining or engaging them after the purchase.
How technology is revolutionizing the retail industry:
Improve customers’ experience to keep them coming back and ahead of your competitors
Understanding your customers well through their purchasing frequency and preferences would help you to develop winning marketing campaigns that will resonate with your customers.
Adapt to the environment and consumers’ changing needs with agility
Companies that adapt rapidly, upskill their employees to be digital-savvy, innovate along its supply chain and provide a consistent and compelling experience will win customers over.
Redesign supply chains to be multi-directional
Closed-loop feedback where the team and customers work and innovate together, to improve the buying experience while shrinking the product development cycles, would help businesses excel. With consumer’s right to authenticity and personalization at the heart of your supply chain, this would help the retail business to promote the right product at the right time, right place, for the right person.
Manage employee feedback and recognition systems
Retail businesses are integrating employee feedback into time clock and scheduling systems. Whenever an employee clock in or out, the system prompts the employee to responses to company policies, suggestions and concerns. This then allows HR to take in to consideration feedback to their organization and giving workers a platform to be heard.
Integrate E-Commerce-Friendly POS systems to optimize and boost online sales processes
E-commerce has surged during the pandemic due to restrictions and fears surrounding face to face retail shopping. This has eventually motivated business owners to optimize their e-commerce platforms and to boost their online sales processes.
With a synchronized e-commerce and POS integration system, retail businesses would be able to integrate online and offline transactions, inventory, and promotions across all in-person locations and online stores during and after the pandemic.
Accelerate business decision-making
Retailers can consolidate internal & customers’ data for analysis to make informed business decisions in internal or customer-facing processes quicker through digitalization.
How can NuVista Technologies help the retail industry
NuVista Technologies is one of the key solutions partner of Oracle NetSuite, which is a pre-approved PSG vendor for software solutions and trusted by more than 40,000 organizations globally. It is the only unique solution that fits the needs of every business, industry and role.
The system provides:
– A quick & easy built-in flexibility catered to the retail industry
– A customizable, customer-specific commerce Ready ERP
– Real-time business Intelligence for all
– A system designed solely for the modern company
Local SMEs can be eligible for up to 80% funding with the Enterprise Development Grant under Innovation & Productivity for total implementation cost and 1 year subscription fees.
The Enterprise Development Gran (EDG) helps Singapore companies grow and transform. The Enterprise Development Grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars, Core Capabilities, Innovation & Productivity and Market Access.
To know more about how NuVista Technologies can help your retail business to adapt, advance and become future-proof in digital transformation, contact us at +65 62742290 or email us at email@example.com
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