Digital Transformation and the Future of Retail Technology

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Posted on: 12/07/2022

After just over two years since the beginning of the coronavirus pandemic, the retail landscape has changed in more ways than before. Technology has taken front and centre, driving change and transformation in businesses that may otherwise have remained stagnant.

Driving forward digital transformation will play a key role in the future of retail and how the population shops and spends their money. We need to consider where technology initially became prominent in retail and how it is now impacting the industry. When we look at the events that have occurred in the last five years alone, we can already see how drastically technology has changed the retail landscape.

What is Digital Transformation?

Digital transformation refers to the technology used in businesses and the outside world and how it evolves and changes. As technology advances, we are more likely to see transformation in technology and how we use it in everyday life.

Digital transformation can start off as small quality of life changes in our workload, or huge shake-ups where technology can replace some manual tasks. The initial shock factor of digital technology taking over manual tasks ultimately frees up those employees to expand their knowledge and move forwards in their own careers.

What is the future of retail?

When looking at the future we can only speculate. Based on historical data we can see that retail is one of the slower evolving industries. This isn’t simply down to the pandemic as all eCommerce growth plays a part in the retail industry.

When we look at how industries evolve, we look at the inception. How did that industry look twenty, thirty years ago? How much has changed since? If anyone of us were to walk into a retail store thirty years ago, there would be some differences but not many.

However, looking at the pandemic and how technology has evolved in general we can’t say it will stay that way. With a shift to eCommerce, the retail industry continues to grow. Retail sales grew on average 3.7% each year between 2010-2019, however, they skyrocketed to 7% in 2020 and doubled that in 2021.

Retail is no longer holding back and we can only assume the trajectory continues as more technology is implemented. Maybe one day we will see drones restocking shelves, or collecting orders.

How can Digital Transformation drive change in retail?

Digital Transformation naturally drives change in any industry. Implementing new software to smooth out operations, processes, and automation frees up employees to be more productive and available to service your customers.

Creating a more customer-focused approach in a digital world will help you encourage more sales. Using technology to replace manual processes enables your staff to focus on assisting your clients and creating a memorable experience.

Using technology to blur the lines between eCommerce and brick-and-mortar shopping will help you appeal to a wider audience.

How can retail businesses adopt digital transformation in their everyday operations?

There are many ways retail businesses can adopt technology into their everyday operations. From click-and-collect technology to payment via devices, the world between digital technology and everyday life is blurred. Digital transformation in retail is happening underneath our noses and with little knockback from the public.
As we move forward in a digital world, adapting technology and utilising it in a way that benefits our customers and business will be the new normal.

Looking to evolve your business and implement digital transformation into your operations? Tratech and help you approach digital technology in a holistic way, allowing you to focus on what you do best. While the technology works to your advantage. Contact us via email or phone now.