Although it is still early days for digitization in Retail, it seems that Retailers are now at the forefront when it comes to Digital Transformation and the adoption of end-to-end systems that are integrated with Cloud software.
We have already discussed the impact of technological progress on the Retail industry on a number of occasions. The Emerging Opportunities to Deploy Industry Processes in the Cloud study carried out by Forrester Consulting for SAP has now provided us with numbers that paint a picture of the results achieved by those who have embraced Digital Transformation.
87% of the 135 companies examined in nine different countries have planned or made significant investments in end-to-end and cloud software.
What results have been seen?
“Innovator retailers” is the name given to retailers who have chosen to use a combination of types of smart technology to achieve their digital transformation goals, investing in the digital consumer supply chain, smarter distribution technologies and consumer centricity.
81% of these companies now have a 55% edge over Competitors that have been “left behind”.
97% of “innovator retailers” also say that the quality of the services that they provide has improved, while 93% believe that they are more competitive and claim that they can attain better results thanks to the integration of Cloud software in their systems.
The most significant forms of technology are unquestionably the Internet of Things, Machine Learning and Real-time analysis. More than 92% of companies feel that moving end-to-end processes to the Cloud could enhance the digitization capacity of the entire Retail system.
It seems that the Cloud is deemed to play a crucial part in the digital priorities of Retailers and that they are prepared to invest even more in order to improve all of their processes: from purchasing to sales.
After all, the benefits are plain to see. Now all that’s left to do is work out how to optimize these resources in order to enhance their performance, although we’re sure that the future has some big surprises in store.
Would you like to discover more? Read also Digital Transformation and Italian Retailers