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While digitization has come to the rescue for businesses in such uncertain times, digital transformation has become the new normal.
As far as the retail industry is concerned, digitization of its business processes is prevailing.
According to recent research, the value of the global retail market will reach USD 11.1 Billion by 2025.
This massive surge in the value of the retail market attributes to the rising shift of businesses to retail, providing access to supply chain and distribution networks.
The competition among the retail organizations has increased multifold since the pandemic outbreak. The global surge in the retail market is also dedicated to the rise in data and analytics in the retail sector.
Organizations amid the pandemic have realized the potential that digitization holds and leveraging digital data and tools and technologies that help them enable an environment of digital transformation among the masses.
Furthermore, due to digitally-driven solutions, the disruption in supply chains came as an added advantage to the retail sector, promoting digitization in every possible way.

Crucial Challenges of the Digitized Retail Sector

Since the pandemic emerged, retail organizations have invested massively in digital tools and technologies, resulting in the traditional concept of brick-and-mortar purchase amongst consumers transforming into hybrid experiences.
With the rising advent of digital transformation, mobile shopping, and e-commerce, the introduction of smart technologies and business models for the consumer has become imperative to drive the digital world.
Digital transformation includes the usage of data intelligence, working towards customer-centricity, and remaining agile, adding new value propositions with innovation.
A few crucial challenges cease the robust growth of the retail sector after a saturation point.
However, to cope with these challenges, digitized products such as ERP enable organizations to streamline and digitize their retail business requirements efficiently.

1. Digital Disruption

With the entire liberty in the hands of the consumers, be it placing an order or driving decisions from actionable insights through digital data, everything lies with the customer.
However, digital disruption is easier said than done. It involves several factors such as price, availability, and user-friendly technology, that keep the customer hooked on their products and services and are an integral part of the business.

2. Technology

Moving to only online mode is no more an option for organizations.
However, building a solid technology foundation that helps maintain orders, products, inventory, and customers enables businesses to leverage a scalable architecture to support dynamic changes in the industry.
Hence, continuous software ramping up and coming up with personalized, innovative solutions help organizations achieve the benefits of digitization.

3. Evolving customer expectations

Customers are king. Hence with the rising change in the customers’ needs, retailers need to keep up with the fast changes in what customers want and expect, which could be challenging.
For instance, the change in shopping behavior leads to several seasonal changes.
Hence, with the use of analytics, retailers understand the need and expectations of customers and provide digitized solutions accordingly.
"Fox ERP for Retail" is one ERP product that streamlines and digitizes the entire retail business across its value chain.
“Fox ERP for Retail” simplifies the overall retail management processes, tracks inventory, manages customers, and increases business profitability in an organization.
With Fox ERP for Retail, users can measure, manage, and sell their inventory more with a comprehensive cloud solution. It also allows them to track and assess the critical steps involved in retail operations.
Furthermore, its comprehensive cloud solution helps users streamline all their retail management activities over the entire retail management cycle.

Conclusion

Digital is the new normal, and so are digitized business practices.
With the surge in digital transformation, retailers use possible utility to enable a smooth digitized retail business across the entire value chain of companies.
“Fox ERP for retail” not only streamlines several retail business processes but also drives digitally enabled solutions, thereby reaping the benefits of digitization.