The digital transformation of retail is not just a trend; it's a necessity, driven by rapid changes in consumer behavior, technological advancements, and the ongoing impacts of global disruptions like the pandemic. In 2024, active brands in the wholesale space are perfectly positioned to capitalize on digital strategies to not only survive but thrive. Here's an insight-driven exploration of why digitization is critical, the challenges it addresses, and actionable steps for brands to effectively transition in the upcoming year.
The Urgency for Digitization in Retail
The retail scene is transforming rapidly. Traditional stores are racing to adopt digital solutions to keep up with online competitors and meet new consumer demands. Here's why going digital is critical if you want to stay in the game:
Adapting to Market Shifts: The agility provided by digital solutions allows brands to quickly respond to market changes and consumer needs, ensuring they remain relevant and competitive.
Enhancing Customer Experiences: Digital tools offer personalized and seamless shopping experiences, bridging the gap between online and in-store interactions.
Data-Driven Decisions: Utilizing analytics not only aids in inventory optimization and operational efficiency but also ensures decisions are backed by data, leading to better customer satisfaction and higher ROI.
Transforming Challenges into Opportunities
Active brands face numerous operational challenges that can be turned into opportunities through digitization:
In-Store Execution: Every year, poor in-store execution leads to a loss of about $104 billion. Digital tools help make sure retail spaces are well-used and merchandising standards are met.
Streamlining Retail Operations: Issues like poor inventory management and lack of visibility can drag a brand down. Digital tools like real-time merchandising checks and proactive inventory adjustments can significantly boost operational agility.
Digital Strategies That Drive Revenue
Digital Education for Retail Staff: Old methods like printed manuals are out. Digital platforms offer updates in real-time, personalization, and a wider reach. For instance, Dragon Alliance ANZ boosted its sales by 45% and increased its average selling price by $33 per item sold through effective digital training.
Digital Sales Incentives: Moving to digital sales incentives solves many old problems by providing real-time tracking and a wider, more direct reach. For example, OTIS Eyewear used the ENDVR platform for its sales contests, generating over $320,000 and achieving a return of $23 for every $1 spent on associates spend.
Digitizing Retail Operations: Using solutions for merchandising checks, inventory checks, and frontline surveys not only boosts efficiency but also helps build a solid data library for future strategies, all while saving costs and being easy to scale up. Take, for example, Mountain Hardware's experience with ENDVR, they can now easily request and receive pictures of fully built in-store POP displays from multiple stores, allowing them to quickly assess their impact.
A Roadmap to Digitization
Recently, we hosted a webinar "How Active Brands Can Digitize Wholesale in 2024 to Boost Revenue: a Roadmap in 3 Action Steps" on digitizing wholesale for active brands, where we detailed a comprehensive roadmap for digital transformation, here is a snippet of it:
To get more insights and understand the actionable steps involved, you can access the full recording of this recent ENDVR webinar.
For active brands in 2024, the focus should be on harnessing the power of digital tools to overcome operational challenges, create enhanced customer experiences, and open up new revenue streams. With a strategic approach to digital transformation, brands can achieve substantial growth and a stronger market position in the new digital economy.
Interested in seeing how leading brands are successfully transforming their processes in the digital space? Watch a Demo of an ENDVR retail sales enablement platform to gain firsthand insights into leveraging these innovative digital solutions to transform your business operations and drive substantial growth in 2024 and beyond.
Watch the ENDVR Demo Now and start your journey toward digital excellence in retail operations! Want to stay informed about retail industry news and ENDVR's milestones?
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