Digital Transformation in the Retail Industry: Empowering IT to Deliver Strategic Value to Business
Technical White Paper
Digital transformation of the retail industry is well under way. Thanks to digital leaders like Amazon and Apple, retail customers have become more technologically savvy than ever before. Customers today expect seamless, personalized, and enjoyable digital experiences spanning all touchpoints along the customer journey — and their expectations are increasing every day. Senior management and the line of business are therefore relying on IT to become strategic partners in identifying and prioritizing innovative new services that can create new sales channels, increase revenue, improve customer retention and loyalty, and provide competitive advantage — and to bring such services to market quickly.
The challenges for IT organizations in the retail industry have never been greater.
This white paper describes this tectonic industry shift as well as the business drivers, trends, and challenges for IT organizations. It then describes a unique technology — InterSystems IRIS — a complete, unified data platform that is enabling retail organizations to meet these challenges quickly and at lower costs, both in terms of dollars and resources. InterSystems IRIS can empower IT to become a strategic partner with executive management and the line of business to accelerate digital transformation initiatives and help businesses succeed in this new environment.
Key Business Initiatives in Retail
The retail industry has seen a major upswing in online sales and customer activity, and this shift has produced savvy digital consumers. Today’s shoppers expect retailers to know who they are, what they want, and when they want it. Retailers that fail to deliver an exceptional experience spanning all interactions and channels quickly see their competitors surpass them.
Therefore, the critical IT initiatives in retail today are no longer about just controlling costs and “doing more with less.” IT must deliver innovative digital services that increase revenue, meet and exceed customer expectations, and assist businesses in creating and extending their competitive advantage.
To succeed in this environment, most retailers and analysts agree that the highest priority IT initiatives for retailers must address enabling unified retail commerce and developing and leveraging a deep understanding of each customer.