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2021 saw disruption in retail, with companies optimizing their inventory and supply chain to ensure execution was immediate. They have further evolved and added distribution centers, on their premises, to meet the new needs of consumers such as BOPIS (online purchase and withdrawal in store) or BORIS (online purchase and return to store), curbside pick-up. and the same day. delivery.

Here are five GOFRUGAL trends in the retail space that are sure to help retailers accelerate their growth.

1. Technology is a must for omnichannel retailing

On the one hand, the pandemic had once again underscored the criticality of the supply chain. Retailers have struggled to deliver a consistent experience while continuing to introduce new channels like online sales, WhatsApp, etc. It is necessary to have a single view of the inventory to support all the execution options. With a consolidated inventory across all channels, retailers can easily manage pricing and sales suggestions by channel. Product recommendations are introduced while browsing online, in in-store price checkers, at kiosk counters, and even in endless aisles so they don’t lose any orders. By introducing an endless driveway and recommendation engine, retailers can move from “buy-stock-sell” to “sell-source-supply”.

2. Q-commerce is the next big thing

Speed ​​and convenience quickly became a sought-after consumer currency, giving rise to Q-commerce. This new generation business, true to its name, suggests fast trading. It also means on-demand or fast delivery and logistics for a better last mile experience. A mobile delivery management app creates a foolproof Q-commerce system where businesses have full control over delivery, delivery personnel, cash flow, and even returns. Complex processes such as manual entries, delivery book, delivery tracking and manual accounting are eliminated, ensuring faster deliveries with optimal navigation capability.

3. The cloud is a catalyst for easy transformation

Businesses of all sizes benefit from upgrading to the cloud because there is one version of the truth. Stakeholders have access to one or one data source anywhere, anytime. With cloud ERP, companies can easily integrate and grow their businesses on a constant basis. They can take advantage of the elasticity of clouds to increase or decrease the scale. Since data is the fuel of businesses, they must protect and safeguard their data. Security will be the top 4 goals in 2022. Cloud-based data backup and restore solutions are easy to configure and data is automatically encrypted and synchronized in real time for 100% business continuity.

4. Discover the benefits of AI and ML

AI, ML, and IoT are also transforming the way retailers do business. AI / ML can drive inventory control, predictive selling, demand forecasting, purchasing automation, automatic reorganization, and real-time data insight for faster decision making. AI in the supply chain can help retailers become more efficient because replenishment happens automatically. It is calculated based on the demand for the product based on its sales history, seasonal trends, promotions and other parameters. Mobile apps for inventory auditing, replenishment, GRN and inventory selection use AI / ML to automate manual processes such as what to audit, buy, replenish when, how and so determine the optimal staff without compromising customer service. Importantly, the IoT is used to detect theft, fraud, and any security issues immediately alerting the user with notification alerts for proactive action.

5. Customer experience Imperative

Physical stores will be redesigned and redesigned to meet the new standard by adhering to security guidelines giving rise to contactless interactions with self-service checkouts. With a single view of the customer, retailers can better assess, review and customize loyalty and marketing promotions, pricing, upselling / cross-selling, providing a smooth and frictionless experience across all omnichannel touchpoints.

Sharing his thoughts on the trends, Kumar Vembu, CEO and Founder of GOFRUGAL, said: “The pandemic has put the cat among the pigeons. It’s time for mainstream retailers to embrace technology and date innovation to spread their wings and sail the retail sky. Digital technology offers opportunities to get new customers and repeat purchases from existing customers. It also increases efficiency with the automation of store operations, empowering employees and reducing operations management costs, among many other benefits. In the midst of all of this, the physical entity would continue to rotate and evolve according to the changing needs of consumers. “

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