DIGITAL TRANSFORMATION IN RETAIL – REMODELLING RETAIL INDUSTRY

What defines a retail transformation?

The idea behind the retail transformation is based to suffice the needs and requirements of retailers as well as customers in the most efficient way which completely overhauls the retailing concept. As this pandemic induced restriction has forced the retail industry to transform and rethink their models digitally. It is a situation where retailers are exploring the way how they should respond to this immediate change. Now to cope up with the situation, retailers are exploring how they can use technologies to find innovative ways to build up new business models and drive more revenue and creating new and innovative business models that blur the physical and digital worlds. Here in retail, it means a range of business opportunities that go beyond simply focusing on a single technology or a discreet strategy to transform the way retail functions.

What is Digital transformation in Retail Industry?

Digital transformation in retail involves using emerging technologies to find new ways to drive revenue and create innovative business models and for retailers, digital transformation is all is about thinking beyond marginal improvements. digital transformation is about data intelligence, agility, customer centricity, new value propositions, and innovation, but also about reducing costs, enhancing efficiencies, and streamlining processes. Retailers when planning about digital transformation in retail must re-consider every aspect of their business, from sourcing to inventory management, employee management, and training and customer experience management. Customer retention and satisfaction can be done using digital transformation by offering customers the services and products they need.

Challenges in the transformation of Retail Industry

Rejolut is one of the leading Blockchain Development Company which is working with leading brands across the world like Hashing Systems, Hbar price, Earth ID, Tata Communication, Malaysia Airline etc.

Change Management

Retailers usually have doubts and unwillingness to implement new ways of working, due to reasons like making change in roles create challenges in proving ROI and taking ownership. Behaving in their own accord, describing and handlingtheir touch-points differently and adhering to different standards and metrics are another cause which happen in many departments.

Commitment

The commitment to introduce digital transformation in an enterprise goes beyond ideation, but many times they are not transformational enough and initiatives taken just end up limited to mobile app or a new website that partially enhances customer experience. To follow the initiative with certainty it needs leadership level emphasis, an assurance of resources and budget and an ability to implement.

Complexity

A retailer who cannot handle everything for digital transformation must outsource, as it canease the burden, but retailers need to choose partners carefully. To co-establish digital journeys for all customers, stakeholders and enterprise entities, requires a partnership of a different kind.

Technology

Selecting the right technologies which are strong – be it a single view of orders, products, inventory, customers or a scalable architecture to support dynamic changes in the business. As by doing that it can bring value in business, also in asame way talking evaluated risks to understand what upcoming infrastructure would be suitable for an organization. Retailers must embark on their journey after a good understanding of how different technologies can help in digitizing retail businesses and driving growth, despite of these challenges which are above mentioned.

Digital Trends in Retail Industry

Increased number of social media and internet users

One of the most prominentopportunities for the retail industry are the economicaffluence and the internet inclusion, connecting billions and trillions of users to the world wide web. The trend of using the internet has placed mobility at the centre of the next big revolution for retail businesses.

The increasing number of smartphone users and the growing use of m-commerce

An average person spends more than 2 hours and 51 minutes per day on their mobile phones and on average 51% of users check their mobile devices a few times per hour. Almost all smartphones now have internet connectivity and with such increased usage of smartphones, it is expected to drive the growth of mobile commerce in the retail industry.

Digital Infrastructure

Emerging technologiesthat blur lines between the digital and physical worlds arehelping ushering the fourth industrial revolution or Industry 4.0 which are combined of powerful analytical tools, including scenario analysis, predictive learning algorithms and visualization. Through these tools now companies can collect vast data sets from physical facilities and assets in real-time, execute advanced analytics to generate new insights and make more effective decisions, thereby transforming how companies perform.

Technologies helping in digital transformation for Retail Industry

Data Analytics

Here are some of the major areas where data analytics can help retailers in transforming the retail industry

Predict future performance

Every customer interaction has a significant impact on both existing and potential relationships; therefore, a wrong decision could lead to a prolonged or quick loss. With help of data analytics retailers can predict the future performance of different products based on the customers’ existing interests andlikes.

Price Optimization

Different analytics algorithms can let you perform functions like monitoring inventory levels, tracking demands, responding to market challenges in real-timeautomatically and monitoring activities of competitors, which makes data analytics plays a crucial role in the optimization of prices. Retailers now with helpof data analytics know when to jack up or drop the prices.

Demand Prediction

After getting an understanding of customers buying trends, retailers focus on areas such as collecting demographics, occasion-based and economic parameters to create a good image of buying behaviour across the target market. As focusing on areas that would have high demand, lets one managing inventory more effectively.

Trends Forecasting

Retailers can have a better understanding of the current trends of their businesses with data analytics tools as they can be used to forecast future trendsbased on current buying data and plan accordingly.

Picking out the highest return on investment opportunities

Retailers can gain an understanding of their existing and potential customer baseusing data-driven intelligence and predictive risk filters. This helps retailers prepare for better expected responses to do marketing activities, based on how they are evaluated by a tendency to likely buy or buy.

Customer Identification

In data analytics identifying customers is an essential thing as it helps in segregating customers according to their liking or buying a particular product. This leads to dependency of retailers over recommendation engine technology, data fetched via transactional records and online and offline loyalty programs.

Artificial Intelligence (AI)

Let’s have a look how AI can help in digital transformation in theretail industry

Better Customer Service

Retail industry can be revolutionized by help of AI, such as based upon customer’s behaviour and buying history, enabling web shops that help retail companies in promoting their products or services. Here offline stores too can be benefiting using AI ina number of ways, like AI-enabled robots will feed the data and analyse it to identify customer likes or dislikes and predict future sales.

Better Data Accumulation

Retail firms can accumulate a massive amount of customer data with the help of AI and such data can be used to create personalized shopping experience for thecustomers by drawing conclusions. With such useful customer data retailers can forecast how well a product is likely to perform in the market by learning from past experiences and plan accordingly to create an engaging experience for users.

Virtual Trial Rooms

Equipped with digital mirrors, consumers can try dresses in the virtual room, without requiring to change again and again. A customer can mix and match different outfits, shoes and accessories with a touch and gesture-based interface to select what to buy. Virtual trial rooms help reduces the time that people spendon making buying decisions.

Behavioural Analytics using AI-enabled Surveillance

Retailers can capture and examine customer behaviour inside stores using modern surveillance equipment powered by CV and AI technologies which gives more better understanding of engagement levels with store layout and optimize operations for higher revenues. In-store security can be enhanced chances of shoplifting can be lessened with the help of video analytics and surveillance datacan be controlled in real-time using AI, so that store owners and administrators are intimated for quick action.

Chatbots for Customer Support

To engage with consumers AI-enabled chatbots can be used where retail companies can manage thousands of queries simultaneously without needing a large workforce. Automated chatbots are very well designed to answer queries, offer instant support and provide shopping recommendations and retail brands can handle customers effectively with combination of AI chatbots and human beings. With AI-based chatbots customers get quick and personalized attention along with a proper resolution of their problem, which improves customer loyalty.

IoT

Here are few examples how IoT can help in digital transformation of retail industry

Robots

Delivering items without the need for the workforce using robots can significantlytransform the retail sector, which can handle simple inventory tasks. Using robots can lead to freeing up of human workforce from mundane jobs and they can be put into use for offering top-notch customer support.

Smart Shelves

Mundane works like making sure that items are not out of stock and checking items if they are at their right place are the things which consume major energy and time of retail employees, but with IoT, the concept of smart shelves can be introduced. It would be equipped with RFID tags, weight sensors and readers to scan products on both stock and display shelves, which can also be used for identifying shoplifting cases.

Automated Checkouts

With the help of IoT it is possible to set up a system that can read tags on each item when a customer leaves the store and automatically an IoT based check outsystem deducts the money from the customer’s digital payment app for the tallied-up items

In-store layout optimization

Retail stores are generally not optimized for customer’s behaviour, but that can be optimized using by implementing analytics software having infrared sensors. To enhance your retail layout, therefore IoT can be utilized optimize the in-store layout effectively and enhance the retail layout.

Automated Checkouts

With the help of IoT it is possible to set up a system that can read tags on each item when a customer leaves the store and automatically an IoT based check outsystem deducts the money from the customer’s digital payment app for the tallied-up items

In-store layout optimization

Retail stores are generally not optimized for customer’s behaviour, but that can be optimized using by implementing analytics software having infrared sensors. To enhance your retail layout, therefore IoT can be utilized optimize the in-store layout effectively and enhance the retail layout.

Why Digital Transformation for Retailers is more important now

Scenario after COVID-19 would be different

A lot of changes in consumer demands, spending style, saving patterns, shopping habits and buying channels are being witnessed due to shrinking of economies, where emphasis on personal safety increased manifold. The post COVID era will witness multi-fold surge in digital buying and online interaction with brands for continuing social distance and for retailers this must make a perfect opportunity to transform their businesses digitally. Digitization can help brands improve their customer experiences in areas such as establishing digital channels and improving presence, investing in data and better models for customer demands, integrating pandemic outbreak models with customer and supply chain demands, and empowering employees to run the business from home.

Retailers will require deeper insights about their supply chains

Across the globe this pandemic has exposed how vulnerable supply networks areas several retailers have been affected because of their inability to predict and meet consumer demand for their products. To plan their online and offline customer experience, retailers need more transparency of inventory.

Retailers with a digital presence will thrive

This on-going situation due to COVI-19 makes one thing sure that consumers cannot leave their houses and are spending only on essential items, digital channels help businesses to work as usual, so retail businesses which are having digital presence are already ahead of the curve. Using this pandemic as an opportunity for innovation and customer acquisition, digitally advanced and data-rich companies have already started to capture market share. So, embracing digital transformation is way better than closing down a business and filing for bankruptcy.

Customers are relying on brands

Due to restrictions, social distancing, queuing up for entry in retail stores, maintaining personal hygiene, and other preventive measures, customers became most affected, which makes them to take more care about self-safety and it culminates into demand for transformation more than ever.

Emerging Technology Experts

Technologies We Work On

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Front-end

Angular Js
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Back-end

Node Js
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Mobile Application Development

Swift
React
Ionic

Database

Mysql
Oracle
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Servers

Amazon We services
Google Cloud

Rejolut Blockchain Development Process

Rejolut Technology provides  Custom Blockchain Development Services to startups and Enterprises. We are working with the Fortune 500 Brands. We develop an nimble software development approach for all types of development projects. We have dedicated team of software engineers with decades of experience and  track record of delivering successful projects before the committed date and time.

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What is the meaning of Emerging Technology?

Emerging technologies is a term normally utilized to refer to a brand new technology, but it might also refer to its ongoing advancement of an present engineering; it may have somewhat different meaning as used in various locations, like networking, business, science, or even instruction

emerging technology development company
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Why is Emerging Technology important?

Technology has significant consequences for company operations. Regardless of the size of your business, engineering includes the tangible and intangible benefits which can allow you to earn money and create the results that your clients need. organization.

Hire Emerging Technology Developer | Hire Dedicated Developer

Long Term Contract

25$/hr

Minimum one year

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Short Term Contract

30$/hr

Minimum six months

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Consultancy/Bug-Fixes

40$/hr

Minimum one hour

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How We Get Blockchain Development Done

Transparency

We ask our clients to participate in a deeply collaborative process. You’ll be in constant communication with your team every step of the way.

In depth knowledge​

We are one of the Top Emerging Technology development company who has the capabilities to go very deep inside the code of any emerging technology to solve the business problem. We can even rewrite the libraries and sdk.

Customer obsession​

We are obsessed to serve you better than any other hedera consulting firm. This obsession leads us to go extra mile for all our customer. Your priorities are our priorities. Your goals are our goals. Your success is our success.

Code Quality

We treat your project as our own. We always keep in mind the scalability, security and reusability before writing a single line of code. All the code which we do will be shared by you from the day 0 in GitHub repository.

Better, stronger & faster

We move quickly. A fast-paced and aggressive approach will be the catalyst for our engagement and iteration. Staying agile allows us to prioritize needs, test earlier, and land on the best possible solution.

 

30 days free warranty​

We are so confident about our deliverables that we provide 30 days free warranty for any issues or bugs arises in the code written by us. Although it does not happen normally but if it happen we will solve it for free.

Let’s build something awesome for Retail

Frequently Asked Questions

CLOUD COMPUTING – An Emerging Technology! … CLOUD COMPUTING is a technique where Data owners or can say users can remotely store their data in the cloud to enjoy on demand high quality applications and services from a shared pool of configurable computing resources

  1. IoT.
  2. Artificial Intelligence.
  3.  Blockchain.
  4.  5G.
  5. Serverless Computing.
  6. Robotics.
  7. Biometrics.
  8. 3D Printing.
  9.   VR/AR.
  10.  Drones.

Checklist while Hiring Emerging Technology developer

1
Excellent communication skills A passion for user experience and performance
2
Experience leading and managing product teams Experience designing high availability systems
3
Experience with one or more JavaScript frameworks (React, Backbone, Angular, Vue.js, Ember, etc.)
4
A love for learning and staying on top of the latest in web development
5
Our Core technologies : Custom Blockchain Developemnt, RAP, AI, IoT,VR/AR, React, React Native, Ruby on Rails, Full Stack Development, and Many More...
6
5+ years of experience in software design and development, solid foundation in computer science with strong competencies in data structures, algorithms, and software design

4

Developer should have the knowledge of fundamentals of blockchain, smart contracts, Consensus, governance etc.

5

Experience and awareness of socket.io library is something you have to check for, because, web sockets help create real-time applications like chat and even games.

6

Experience and awareness of socket.io library is something you have to check for, because, web sockets help create real-time applications like chat and even games.

Our innovative hiring | Training process

Our HR team source the resume from best colleges/companies based on the job description

Once we filtered the right set of candidate we provide them the algorithm and domain specific online tests

Once selected the first round we call them at our headquarter in Mumbai for 3 F2F round and meeting with team

Once the developer is on-boarded we deploy them in live projects for 3 months before available for hire by the clients

Rejolut by the Numbers

30+

Projects
Completed ​

5+

Startups
Got Funding​

5000+

Entrepreneurs
Consulted Worldwide​

150K+

LInes of Code
Deployed​

2

Development
Centers

25+

Global
Workforce​

Why Hire Emerging Technology Developer from Rejolut?

Dedicated Resource

We provide you dedicated resource who only focus on your project which leads to quality code and faster implementation

Daily/Weekly Reporting

Our developer provide you the daily & weekly reporting. We follow Trello for task management & slack for hassle free communication

Scalable Framework

Our proven framework will led you to scale the team on demand keeping the quality intact

Remote Capabilities

We are the remote first company and all our developers have experienced in working remotely

Flexible cost

You can hire from us a dedicated developer or a dedicated team or to solve a small issues

Managed Service

Our all developers are managed by a highly qualified founding team who are responsible for quality delivery on time

Other related service from Rejolut

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Crypto exchange developers
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Hedera Hashgraph Developers
Hire Hedera Hashgraph Developer
enterprise technology developers
Hire Enterprise Blockchain Developer

Insights

Top 20 companies in 2020 for Corda Development

Top 10 Trending Technological Trends in 2020

Top 10 companies in 2020 for Enterprise Blockchain

We believe in winning and help you to win

  • contribution-to-open-source-projects

    We constantly innovate and contribute to open source projects. Currently, we have contributed to two open-source projects iOS SDK for Heders and Custom Model to parse resume using ML & AI.

  • working-with-fortune-500-companies

    We are fortunate enough to work with fortune 500 companies like Malaysian Airlines, Tata group, Jazeera Airlines etc in a very short span of time

  • believe-in-winning

    We are the winner of a couple of Blockchain Hackathon nationally and internationally

  • helped-start-up-to-bag-multi-million-dollar-funding

    The product which we have developed got multi-million dollar funding and also get selected in the top accelerators and incubators

  • first-in-the-world-to-deploy-smart-contract

    We are the first in the world to deploy the smart contract in Hedera Test Network.

  • producthunt-golden-kitty-award

    One of the products developed by us is selected for the ProductHunt Golden Kitty Award in 2019 in Dev Tool category

  • selected-as-the-startup-of-the-week

    We got selected as the Blockchain Startup of the Week in 2019 by INC42, One of India's leading media pltform

  • we-got-covered

    The product developed by us got covered by Markets Insider, PR Newswire, Inc42, TechCircle, Forbes etc

  • app-got-selected-for-google-i-0-2019

    The app developed by us got selected for presentation in Google I/O 2019 to demonstrate Flutter Use-case in beauty Industries.

Happy Customer

We are the customer first agency and our obsession to solve customer problem differentiates us from other agency.  We believe in a philosophy that “Your happiness is our happiness and as you grow, we grow too”

Frequently Asked Questions

We provide you the managed service which means all our developers are managed by the founder itself who takes over all the technology & architectural decisions as long as the decisions are within the parameters that the business has set.

We understand the importance of data security and Intellectual property rights, so we have taken it very seriously. We follow these steps to safeguard it:-
1) We sign the NDA before any engagement.
2) Our all the office is protected by biometric door access control system and has only the limited access.
3) Access of any code or data is only available to the senior employee.
4) Our all employee is bound to sign the NDA before joining to protect the customer from any data or information breach.

which is done by us and if it breaks or messed by us we will generally fix it right away. It is rare
that you find the error post-launch (very rare!) but if it does happen, we will jump right on it. If the
code needs fixing because of the issue uncontrollable by us (like third-party libraries and plugins)
we offer a 30 days warranty for free support and fixing.
Naturally, our warranty does not include any fixes or changes done by you (client’s team). So if
someone in your team decided to go into the code and change thing up fixes will additionally cost.

We have taken our communication very seriously. The TAT for any queries by client is one hour in slack & one day in mail. 

Delivering the product on time is the only priority for us so if required our team is also present on client’s time zone along with weekends or on holidays.

We are a pixel perfect development agency. We do understand the importance of UI/UX in development process as it helps in increasing brand’s ROI, attract more users, reduce funnel drop, increase product presence in multiple screen sizes, increase retention etc. 

Our Team

Vishal Dharmawat

Blockchain Expert & Consultant

Rahul Asati

Blockchain Expert & Delivery

Adopt Emerging Technology in 2020

Want to explore ?
  • Which are the best emerging technologies?
  • Why emerging technology in 2020?
  • How can help technology to various Industries?
  • Why it is better to adopt emerging technology in 2020?

Success Story

“Deliverables are of premium quality at lightening speed which saves a huge cost on technology”

Rejolut is a great company when it comes to custom blockchain development. They are obsessed about quality deliverables and customer satisfaction.
I am happy to recommend them for any custom blockchain development.

Shiv Aggarwal

CEO, Myearth.id

“Customer obsession are of different level”

I worked with them at Mentorbox. They provide a fantastic technology consultancy with fast and accurate results to deliver high-quality product development. The founders are creative, knowledgeable and technical experts with vast experiences in many industries.

Gary Guo

Software Engineer, Google

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