A new Microsoft study predicts that the APAC retail industry is expected to add $272 billion to the region’s GDP by 2021. The caveat – retail organisations need to embrace digital transformation initiatives.
Digital Transformation Will Boost APAC Retail By $272 Billion!
The new Unlocking the Economic Impact of Digital Transformation in Asia Pacific study by Microsoft predicts that the APAC retail industry is expected to add $272 billion or 1.5% CAGR to the region’s GDP by 2021, should retail organisations embrace digital transformation initiatives.
The study, which polled 240 business leaders in the APAC retail industry, found that half the respondents will focus on digitally-transforming customer service and support.
Respondents will also focus on digitally-transforming sales and IT operations in 2019.
Capitalising on customer data, organisations can accelerate their digital transformation journey via a three-step process:
- Collection of data to improve decision-making processes
Retail organizations need to have a data strategy in place in order to manage the streams of data available.
By doing so, and applying big data analytics, they will be able to develop real-time insights that can deliver personalized experiences while simplifying the decision-making process for employees.
- Optimizing existing products and services with data
Data can be used as an asset to optimize existing processes and for developing predictive analytics to improve delivery of services and products across channels.
Retailers can also tap on artificial intelligence (AI) to deliver personalized experiences, while reducing time spent on menial work.
- Creating new business models with data
Data can also be used to develop new products, services and experiences, as well as new business models, like the new Kroger-Microsoft RaaS product.
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