In the context of digitizing retail, it is important to discuss Retail Ecosystems as they offer a holistic approach to digitizing retail. A Retail Ecosystem is a network of businesses, technologies, and processes aimed at enhancing the customer experience and increasing efficiency in retail. Retail Ecosystems enable retailers to optimize all aspects of their business processes from procurement to sales.

RETAIL NXT aims to shed light on the following seven aspects of Retail Ecosystems and work with participants through various offerings:

1. Hyperautomation: Hyperautomation refers to the automation of business processes using technologies such as Artificial Intelligence and Machine Learning. In the Retail Ecosystem, hyperautomation can help automate workflows, thus saving time and costs. Examples include automated ordering processes or automated inventory management systems.
2. Edge Ecosystems: Edge Ecosystems are a network of devices and sensors placed near end-users. In retail, Edge Ecosystems can help create personalized offers, thereby enhancing the customer experience. Examples include personalized offers tailored to the customer’s location or shopping behavior.
3. Supply Chain Security: Supply chain security is a crucial factor for retailers. In the Retail Ecosystem, the use of technologies such as Blockchain and IoT can help increase supply chain security and minimize the risk of fraud or counterfeiting.
4. Retail Alliances: Retail Alliances refer to the collaboration of retailers to achieve common goals. In the Retail Ecosystem, alliances can help increase negotiating power with suppliers, thus reducing costs. Additionally, alliances can help improve access to new technologies and innovations.
5. End-to-End Retailing: End-to-End Retailing refers to the integration of all aspects of the retail business, from procurement to sales. In the Retail Ecosystem, retailers can achieve seamless integration of their business processes by using technologies such as ERP systems or CRM systems.
6. Payment Solutions: Digitization has also changed consumer payment behavior. In the Retail Ecosystem, retailers can improve the customer experience and increase efficiency in the payment process by providing various payment options such as mobile payments or contactless payments.