In the context of retail digitisation, it is important to talk about Retail Ecosystems as they provide a holistic approach to retail digitisation. A Retail Ecosystem is a network of companies, technologies and processes that aims to improve the customer experience and increase efficiency in retail. Retail Ecosystems enable retailers to optimise all aspects of their business processes from procurement to sales.
RETAIL NXT aims to highlight the following seven aspects of Retail Ecosystems and work with participants through various offerings:
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 and thus save time and costs. Examples include automated ordering processes or automated warehouse management systems.
Edge Ecosystems: Edge Ecosystems are a network of end devices and sensors that are placed close to the end user. In retail, Edge Ecosystems can help to create personalised offers and thus improve the customer experience. Examples include personalised offers tailored to the customer’s location or shopping behaviour.
Supply Chain Security: Supply chain security is an important factor for retailers. In the retail ecosystem, the use of technologies such as blockchain and IoT can help increase supply chain security and minimise the risk of fraud or counterfeiting.
Retail Alliances: Retail alliances refer to retailers working together to achieve common goals. In the retail ecosystem, alliances can help increase bargaining power with suppliers and thus reduce costs. In addition, alliances can help improve access to new technologies and innovations.
End-to-end retailing: End-to-end retailing refers to the integration of all aspects of the retail business, from sourcing 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.
Payment Solutions: Digitalisation has also changed consumers’ payment behaviour. In the Retail Ecosystem, retailers can improve the customer experience and increase efficiency in the payment process by providing different payment options such as mobile payments or contactless payments.