The omnichannel commerce was rapidly reducing the physical store, pushing it into an app on a smartphone. The COVID-19 pandemic, brought a further 25% surge in e-commerce led by online grocery and brought new cohorts into the digital marketplace, viz the boomers and Gen-Xs. The change in behavior is now here to stay.
The current situation has also brought in a sharp focus on the supply chain as our lifeline. To meet consumer demand, we have come to expect frontline people to be available at the store like never before, even as retailers are setting up express delivery services to cover the last mile.
It is important to keep the supply lines running to meet customer demand while ensuring the safety and security of the customers and frontline people. The retail industry also has a burning platform for digital transformation, changing investments for a predominantly online business.
Here are six operating solutions that leverage the power of AI, data engineering, and human-centric design to enable efficient operations in the short term; also find a series of transformative solutions and ideas for pivoting to the novel economy.