The changing retail landscape
Being customer focused is a constant priority for any retail brand, and now that omnichannel engagements have completely changed the shopping experience, it’s vital that retailers have a modernized infrastructure in place. Supply chains continue to pose challenges for retailers as disruptions continue, and hybrid shopping experiences that blend digital and in-store interactions are now here to stay.
The digital transformations that enabled retailers to remain competitive in the past mustn’t remain static. Being able to continue serving customers effectively requires a continued focus on enhancing engagements across each touchpoint and utilizing data effectively to prevent gaps in inventory and stay in step with market trends.
To become more customer focused and meet omnichannel expectations, retail brands are developing transformation roadmaps around a series of crucial goals:
- Deliver meaningful customer experiences: Personalized content based on a customer’s interests and purchase history is essential to providing quality engagements that open sales opportunities and build brand loyalty.
- Develop intelligent stores: By reimagining brick-and-mortar operations, retail brands can create stores that are simultaneously equipped to handle omnichannel experiences, transactions, and fulfilment.
- Build smarter supply chains: Cloud platforms enable greater visibility across each stage to more effectively track product deliveries, enhance planning efforts, and improve efficiencies.
- Become more sustainable: Adopting sustainable business practices not only decreases carbon footprints, but also reduces operating costs and helps strengthen a brand’s reputation as an environmentally-conscious organization.
Achieving these business goals allows a business to prepare for future challenges, create innovative business models, and remain competitive, yet the key is having the right tech solutions in place. Through cloud-based tools, retailers can strengthen inventory tasks, create new business models, and reduce their environmental impact.
Delivering retail transformations with Wipro’s Retail Experience solutions
Designed to help retailers evolve their businesses, Wipro’s Retail Innovation Experience offers a portfolio of industry-specific solutions built on Microsoft Cloud covering the range of retail challenges. These solutions further expand the retail-focused offerings that Wipro provides to optimize and modernize retail operations and customer engagements.
Our AI-driven solution, iShelf Insights, enables brands to deliver reliable customer experiences. It provides an effective way to monitor store shelves in real-time and detect incorrectly placed or missing items. Teams can reimagine their planogram management, ensuring that products are properly showcased, in stock, and priced according to specifications. Keeping all those factors in alignment can drive positive customer experiences and drive sales opportunities.
Unified Customer Intelligence
Knowing how to best engage with customers depends on having a unified, data-driven view of them. Unified Customer Intelligence allows retailers to create a single source of truth for their engagement efforts, allowing them to better understand a customer’s shopping journey and develop targeted engagements. It unifies data from various touchpoints (including points of sale, customer relationship management systems, and MarTech platforms) to gather intelligence on customers’ preferences and perceptions on various topics based on reviews and feedback. Using the solution’s capabilities, brands can better predict customer churn and create omnichannel experiences with personalized recommendations that drive strong conversion rates.
For supply chains to work as expected, products need to be kept from damage due to temperature changes, improper handling, or tampering. Wipro’s Smart-Track enables high visibility across the transportation process to strengthen security and reduce cold chain waste. Using the solution’s IoT-enabled tools, retail brands can track and monitor transit operations in real time, and consumers can be assured they’ll purchase quality products.
As a “buy anywhere, fulfil anywhere” solution, Endless Aisle enables customers to find products from a global inventory via in-store kiosks, providing access to inventory across stores, data centers, inventory-in-transit, and suppliers. Through these kiosks, retailers can offer merchandise that isn’t physically present at the stores, take orders, and fulfill them from anywhere in the supply chain. As a result, brands can avoid lost sales from out-of-stock scenarios, expand business opportunities, and reduce inventory carrying costs.
Realizing greater business value with industry cloud solutions
By adopting these cloud solutions in conjunction with Wipro’s other retail-specific solutions and expertise, retail brands can work toward meeting their business goals, overcome industry challenges, and gain a range of benefits:
- Enhanced data operations: Data-driven customer insights provide the necessary direction for improving marketing campaigns, reducing customer churn rates, and predicting future demands. Brands can also strengthen compliance efforts to improve reporting for accurate audits. Harnessing the power of data also enables brands to connect with customers on an individual level and predict what their future purchases might be.
- Better customer engagements: With greater visibility into customer behavior, brands can create personalized campaigns that open new sales opportunities and the potential for ongoing brand loyalty. The solutions’ cloud-based advantages also enable businesses to deliver frictionless omnichannel experiences.
- More competitive operations: Brick-and-mortar stores can be transformed into truly multidimensional destinations, catering to omnichannel customer journeys, and brand teams can increase productivity and reduce sales losses by expanding inventory availability.
- Environmentally-friendly practices: Integrating cloud solutions with company systems can help a brand monitor its sustainability efforts and make improvements where needed to supply chains and product waste reductions.
The retail industry has seen unprecedented change over the last few years, and as cloud technologies have become a key asset in maintaining customer engagements, further advancements are necessary to staying in step with consumer demands. Creating a multidimensional store requires cloud-driven solutions that can handle the industry challenges and enable brands to fully modernize operations. With Wipro’s Retail Innovation Experience and our other industry-specific solutions, retail brands can strengthen their ability to know their customers and expand their tech maturity to become more resilient and future ready.