The digital retail landscape has been fast growing because of numerous benefits from both customers and business owners.
For the customer, the clamor for convenience is motivation enough to shift to online shopping.
Some of the conveniences offered in the digital retail space are: avoidance of Philippine traffic and long checkout lines, ease in sorting, searching, comparing products, access to multiple and credible product reviews or recommendations.
To the business owner, it is all about untapped opportunities and breaking barriers.
For one, e-commerce solutions are way cheaper than building brick and mortar stores. Customer reach is beyond geographical location, presenting an opportunity to expand on under-served markets.
This digital transformation is believed to be a threat to the conventional physical retail channels. Business owners feel that transformation is purely “digital”, and thinks physical channels can be ignored. On the contrary, digital must instead be integrated with physical because the latter completes the customer experience through human interaction. Other than those customers who need to buy items they instantly need and wouldn’t want to wait for delivery lead time, there are also customers who place more confidence in the value of experience than convenience.
Indeed, business transformation calls for an inclusive approach – leveraging on the wealth of digital solutions and information sources while keeping reality beyond virtual.
Insights can be extracted from these information sources through analysis. Robust analytics will help improve operational efficiency (i.e. inventory management) and target valuable customers so that customers will be provided a seamless experience throughout available channels.
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