With Amazon’s way of disruption targeting “ease” and “experience”, the consumer consumption patterns have totally changed. Not only the digital experience, but also garnering predictive intelligence while optimizing procurement and logistics… end-to-end business processes have gone through digital disruption.
This phenomenon has ripple effects across all types of retail and store-centric business models, forward and reverse logistics and the delivery channels until the last mile.
Retail Industry is evolving into an ecosystem and is severly lacking innovation like FinTech or InsureTech.
The Retail industry is primarily focused on creating an omni-channel interaction experience to drive sales and customer loyalty. Customers are increasingly demanding a hyper-personalized retail experience with convenient payment options. The primary focus of APIs in the retail industry is to integrate their back-end offerings into ecommerce, web and mobility solutions and the new customer engagement virtual assistant channels like Amazon Alexa and Google Home. The shopping experience is pervading other hitherto inaccessible channels like cars and long commute cycles. Uber and Taxi services are looking to offer shopping experiences and the Automotive Web is creating a new driver-aware consumption and shopping experience in the car. APIs play an important role in the engagement of these new channels.
The Sales > Insight > Inventory > Logistics > Sales cycle in the Supply Chain is crucial in Retail. Timely analysis of real-time data is seen as key to driving business performance. In a complex global supply-chain environment, the goal is always to get information to business partners as fast as possible, so they can take action and cut down the turnaround time. It is proactive and reactive analytics. Event driven sales is even more crucial and sales across different stores in different geographical areas can also be monitored in real-time. One Halloween, sales figures at a Retailer, of novelty cookies were being monitored, when analysts saw that there were several locations where they weren’t selling at all. This enabled them to trigger an alert to the merchandising teams responsible for those stores, who quickly realized that the products hadn’t even been put on the shelves. Not exactly a complex algorithm, but it wouldn’t have been possible without Big Data real-time analytics. In e-commerce, Prediction Engines and Customer behavioral insights are key to driving sales.
Mobile Commerce platforms and applications lead the way in the B2C application set. For Retail business, the Sales > Insight > Inventory > Logistics > Sales cycle in the Supply Chain is crucial.
In the brick-and-mortar case, modernization of the floor picking and inventory applications to run on BYOD and rugged devices is key. Integration into IoT frameworks for inventory updates, freezer/perishable inventory management, and other global fulfillment applications.
In eCommerce, use context integration for search, prediction and on-demand offers is key. Mobile devices are the gateway to understanding user behavior and engagement context. Analytics from mobile devices is driving engagement flows and offers in real-time.