Does Innovation-Orientation Really Scale Up The Retail Industry?
All over the world, Filipinos are one of the largest populations using the internet, spending at least an average of 10 hours a day on the web. It tells a lot about the appetite of online consumers, and a large part of them gravitate to play video games, search for fashion trends and make-up and shop online.
The retail industry in the Philippines has changed more in the last three years, especially during the pandemic, and as a result, it’s transforming unprecedentedly proportion. While consumers continue to value the physical shopping experience and visit malls and stores, but the threat of the Covid-19 pandemic has forced people to shop online. And E-commerce continues to gain popularity across all consumer demographics.
This pace of change is forcing retailers into a digital shift in how they view their customers. Retailers are reacting to these changes but also look for ways to improve operational efficiency. To effectively create the connected, personalized shopping events today’s consumer demands, retailers must adopt innovative strategies to improve their products, processes, facilities, and customer experience. And the most effective way of doing that is through digital transformation.
Digital transformation for retail does not focus only on a specific function, like a shopping website or an E-commerce site. In reality, retail companies must make innovative changes to their operations, supply chains, inventory management, and customer relationship processes. They must analyze data to accurately project demand, react to customer needs, and ship products quickly and efficiently.
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