Question

How would digital innovation change the retail industry? Please cite sources and it must be a 4 paragraph response

Answer 1

Digital devices are shaping the customer’s shopping journey experience. It helps consumers make decisions wisely and in no- time and it also enables the retailers to help customers and get relevant information for making shopping decisions.

The retail industry has gone through drastic changes in recent years to improve business operations and become more customer-oriented. Both online and offline retail markets are striving to eliminate the limitations in their services by using various advanced technologies and create personalized customer experiences.

The retail market size in India was expected to amount to $1.7 trillion. There are several factors such as changing customer dynamics, trends, and demands that made it a necessity for the retail industry to bring innovative approaches and adapt to the technologically advanced requirements at the fastest rate. The retail industry is shifting towards a digital advanced scenario and environment to carry out the operations in a personalized manner.

Digital transformation includes a more comprehensive and effective range of business opportunities. The retail industry is rapidly adopting digital transformation methodologies to revolutionize the entire process by integrating various assets, including divisions, business, staff, and advanced technologies. It creates new and innovative business models that help the industry focus on discrete strategy rather than just one technique or approach.