FINAL WORD
Mark Steel , Director of Retail EMEA , Google Cloud
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WHILE NO ONE CAN PREDICT THE FUTURE , THE CURRENT CIRCUMSTANCES PRESENT A GENUINE OPPORTUNITY FOR RAPID INNOVATION AND DEVELOPING NEW SOLUTIONS .
Part of this has been the huge shift towards customers relying on online shopping and home delivery . This trend shows no signs of slowing down . Retailers with seamless online experiences that meet customer expectations are seeing orders increase . Retailers that haven ’ t modernised their ecommerce platforms are seeing their customers move elsewhere . To meet this growing demand , many retailers are turning to the cloud to not only help them scale flexibly but also reduce the costs of any legacy IT infrastructure . The current volatile climate makes this even more important .
2 . Explore how technology can improve in-store experiences Technology will also play a key role in driving changes in stores to keep both customers and colleagues safe . Customers might need to book visiting slots online , for example , or use their smartphone to scan and pay for items while they ’ re in the store . Retailers can even use augmented-reality-enhanced fitting rooms to reduce the time customers need to spend in stores . These and other innovations will be powered by modern cloud-based technology , which enables retailers to develop new solutions and services from idea to trial at a much faster rate .
3 . Drive action from data – all of it ! As customers flock to digital stores and virtual fitting rooms , differentiation will be critical . This can be achieved by using data to make decisions and deliver timely and relevant solutions . Creating personalised experiences will also continue to be a huge area of focus as retailers create what ‘ shopping ’ will look like , now and in the future . Those retailers that continue to invest in data capabilities are likely to be among the winners as we emerge from the current pandemic reality .
Data analysis tools , such as BigQuery , are being used to upgrade legacy data warehouses and address many modern analytics challenges that retailers face when harnessing data to deliver enhanced customer service . Many retailers still rely on siloed , batched data . In today ’ s environment , this is no longer acceptable . Retailers need real time data to inform business decisions and personalise the shopping experience . By combining data from omnichannel experiences – in other words , a customer ’ s experiences in-store , on apps and on websites – retail companies can create a more connected shopping experience , both online and in the physical store . Through data analytics , the role and influence of a physical store can now be assessed fully and could change significantly as a result of this .
4 . Collaborate through more flexible teams Another important recent change that will shape the future world of retail is the need for more teams to work together remotely . This means greater and more in-depth collaboration is needed . Additionally , retailers will need to build greater flexibility and capacity for change against the backdrop of a market outlook that remains uncertain . Instead of sticking with traditional retail ’ s fixed-function teams , some retailers are organising multi-disciplinary ‘ opportunity teams ’ that focus on quickly delivering a specific outcome . As the pace of change continues to increase , innovation becomes a minimum standard , especially during these challenging times . Retailers that don ’ t change quickly will see an eventual decline in their success .
5 . Get the tools to collaborate well The advances in the new ways of working will need to be supported by the use of collaborative tools such as G Suite . Its features allow teams to work together in real time , from any location , while their in-store colleagues provide immediate feedback on products and experiences . With these existing tools , ‘ digital factories ’ could be spun up to address specific challenges , driven by computational power and smart analytics capabilities . Uber , Airbnb and others were all created following the last major recession in 2008 . What could be developed from this new reality around autonomous delivery systems , self-disinfecting fixtures in stores or other areas of retail ?
One thing is certain , retailers will continue to successfully adapt and create new experiences to engage their customers . These uncertain times have shown that it is even more important for retailers to have the right tools to help colleagues work productively and effectively , as well as harness the ideas and creativity of their teams . Without collaborative tools , progress will be much slower .
Whether it ’ s finding the best way to use robotics and automation , understanding large data sets or even creating new customer experiences , technology will be the key driver of some meaningful changes in the retail sector . As we look to the future , we know recovery will take some time , and will vary by retail sub-segment . While retail ’ s future can ’ t be predicted with absolute certainty , collaborative efforts and powerful tools will help retailers find a path where they can fully control what their own new normal will look like . •
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