3 Ways to Jumpstart Your Digital Transformation
It’s no secret that the world is rapidly changing, and people are becoming more digitally dependent and tech-savvy by the day. Innovation in technology requires businesses across all industries to adapt accordingly, and retailers are no exception. Yet, many retailers remain hesitant to embrace these advances and are still comfortable operating from a more traditional—and somewhat outdated—operating model.
By choosing to resist the digital trends in the market, retailers who continue to operate traditionally are losing out on unique opportunities to connect with their customers, cultivate loyalty, grow their reach within the market and boost their bottom line. To avoid getting outpaced by their tech-forward competitors—including e-commerce and retail giants—it’s crucial that retailers embrace digital transformation and integrate today’s technological solutions into their strategies.
So what does digital transformation mean for today’s brick-and-mortar retailer? It means embracing tools and solutions that are already actively available in the market to position them for success.
A recent survey shows that 60% of retail executives have placed digital transformation as their highest growth priority for 2022. Whether they’re adopting an omnichannel marketing approach that connects with shoppers seamlessly online and in-store, prioritizing personalization for an enhanced shopping experience, or investing in a robust digital retail media strategy, the technology is fast becoming a must-have and retailers don’t want to be left behind.
It’s easy for retailers to assume that embracing a digital transformation process will require extensive budget, staffing and time. Many don’t know where to start, so they don’t start at all. The good news is, they don’t need to compete with the deep pockets and endless resources of tech giants like Amazon in order to be competitive and successful. In fact, there are simple, yet highly effective ways for retailers to jumpstart their digital transformation journey.
Taking the Next Steps
As retailers try to navigate this tech-forward reality, they’ll be pleased to realize that the solutions to jumpstarting their digital transformation are closer—and more accessible—than they think. They just need to take the leap.
Step 1. Map out the Mission
Having a clear mission lays the groundwork to make transformation possible. In order for retailers to get the most out of their strategy, they must first identify why they want to implement digital transformation in the first place. Is it to invest in long-term growth and loyalty? Or is it to pursue a larger revenue stream or to keep from being eclipsed by the competitors? There needs to be an end goal—and a strong ROI—that paves a path for retailers to follow.
After acknowledging their needs and identifying the core goals of a strategy, it’s important that retailers ensure alignment across the company, provide a robust action plan, and set clear expectations. With no time to waste, active collaboration and a unified vision, will allow retailers to direct a more streamlined transformation process.
2. Conduct an Audit
For retailers to understand their most pressing needs, they must first take inventory of what they have and what they need to keep up with competitors. They should also reassess existing processes, resources, and technologies, and identify ways they have brought value to the company—while also acknowledging the gaps in their strategy and revenue streams.
Once their specific goal are identified, retailers may need to seek out and adopt retail media tools that customers have come to depend on, like a mobile store app that connects the in-store and digital shopping experience. Others may recognize their need for a larger, more robust solution, such as a digital retail platform that provides several resources at once—helping to boost loyalty, engage shoppers, and provide tailored product recommendations.
3. Find a Reliable Technology Partner
Very few retailers are positioned to race the clock when it comes to developing and executing digital transformation on their own. Whether from a lack of knowledge, resources, or technology, there are several barriers that can slow down the process before it even begins A reliable technology partner can make a world of difference for retailers who are eager to adapt to today’s digital world while staying ahead of the competition.
The fastest way to get up and running is to choose a technology partner who can help create impactful, measurable results. Look for a company who:
- Has a proven reputation as an industry leader, with a track record of success with a variety of clients.
- Can demonstrate their ability to win in a competitive, saturated market.
- Supports them with knowledgeable team of experts—with a variety of skill sets and backgrounds—who can assist in driving development.
- Offers cost-friendly services that allow them to use resources efficiently and keep budgets in line.
- Can simply integrate desired new solutions into your existing technology or create tools that are customized to your needs efficiently and knowledgeably.
- Offer the same solutions the retail giants depend on for success, equipping them to compete and thrive in the market.
Start Your Digital Transformation with Swiftly
There’s no reason to wait—digital transformation is no longer an option, but a necessity for retailers who want to remain future-proof. Swiftly has the tools to help retailers compete in the market—and win. By partnering with us, retailers will gain access to robust retail solutions that help them engage with shoppers, gain deep analytical insights, and formulate a strategy that allows their company to thrive.
Ready to get started on your digital transformation journey? Contact Swiftly today.