Retail Industry's Roadmap: ? Challenges and Growth Prospects Unveiled at the FT Future of Retail Summit? ?
Intellias Retail
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On September 20, 2023, the Intellias Retail team joined leading experts and innovators at the Financial Times Future of Retail summit in London to connect and gain valuable insights on industry growth prospects. Alex Kulinchenko , Growth Enablement Director, and Dave Howard , Global Marketing Director, provided a comprehensive overview of the challenges and opportunities for the retail sector. Here's a brief recap:???
?? The Evolution of Omnichannel to Unified Commerce
The retail landscape is evolving rapidly, and to stay competitive, businesses are transitioning from omnichannel strategies to unified commerce. This shift addresses the need to cater to increasingly channel-agnostic shoppers who expect seamless experiences across all touchpoints. ?
Customers can effortlessly switch between channels, payment, and delivery methods in a unified setup. At the same time, the retailer maintains a 360-degree view of their identity and can offer personalized service wherever and whenever they need it.???
?? Brick and Mortar's Strategic Advantage
Contrary to some predictions, brick-and-mortar stores are not fading into oblivion. They remain strategically advantageous, serving as vital brand touchpoints to engage with customers and provide immersive offline shopping experiences.???
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?? Rethinking Product Returns
Speakers and panellists extensively discussed the challenge and opportunity of rethinking product returns and the associated supporting processes and infrastructure. Retailers are exploring innovative ways to make returns more convenient for customers while managing the operational complexities efficiently.??
?? The Rise of Composable Commerce
One of the standout topics was the continued interest and investment in composable commerce. This approach represents the next evolution in digital commerce technology, moving from rigid, monolithic systems to a modular, component-based design. It empowers businesses to craft tailor-made shopping experiences by selecting and integrating the best components for their unique needs.??
However, embracing composable commerce can be a double-edged sword. Integrating various third-party components, microservices, and APIs can introduce complexity, especially when dealing with multiple vendors. Retailers and Consumer Packaged Goods (CPGs) must possess the technical expertise and resources to navigate this diverse ecosystem effectively.??
Partnering with a technology solution provider like Intellias can alleviate these challenges. With our expertise, you can not only stay competitive but also deliver increasingly sophisticated customer experiences.???
The future of retail is dynamic and full of promise. Embracing these insights and leveraging the right technology partners will be pivotal in thriving in this ever-evolving landscape. Let's continue to innovate and shape the future of retail together!?
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