Digital Era for Manufacturers and RetailersWritten by Maciej Witkowski
Nearly two-thirds (62%) of small and midsize retailers say digital transformation is critical to their organization’s survival today, and 84% say it will be in five years’ time, according to an Oxford Economics analysis. Yet many still have not prioritized transformation as a strategic plan. The Oxford Economics Analytical Institute has surveyed over 2,600 companies in 17 countries for current and planned investments in new technologies.1Currently, Trading and Consumer Packaged Goods (CPG) companies spend most of their funds on mobile solutions, cloud and business analytics, but in two years, investments in Big Data will become a priority. It turns out that representatives of the trade industry are increasingly more interested in their implementation than representatives of other sectors of the economy.
Although it is hard to believe, it may already be too late for technology investments for some trading companies. Today, Amazon is transferring all its knowledge and possibilities of analyzing customer data from the network to traditional trade, and they presented the self-checkout store concept. Giants in the industry can take over a large part of the market because stationary trade is mainly analog today.
Retailers know what is selling or not, and what is obsolete, but if you ask them why, they will not know the answer. They are not able to determine and support CPGs with information, such as how many additional goods could be sold if both retailers (shelf replenishment) and CPGs (distribution chain to the store) ensured an adequate level of products on the shelf.
As a result, both retailers and manufacturers lose money. In a longer perspective, if they do not digitize, they will lose market share. Businesses operating in the online channel learned this a long time ago. Measuring the conversion rates and calculating the page performance KPIs are a “must-have” for every respective e-commerce company.
So, what solutions can help CPG companies leverage their in-store performance and sales?
To find out, download the Digital Era for Manufacturers and Retailers white paper.
This paper covers:
- Solutions to help leverage in-store performance and sales
- The rapid growth of AI
- Computer visions supported by Neural Networks
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1. Retrieved February 4, 2020 from https://storage.googleapis.com/stateless-incloudsolutions/2018/06/c2d97712-oxford-economics-wholesale-white-paper.pdf