DIGITAL ERA FOR MANUFACTURERS AND RETAILERS
Between 55 and 60% of small and midsize retailers say digital transformation is critical to their organization’s survival today, and 81 to 87% say it will be in five years’ time, according to an Oxford Economics analysis. Many of these companies are starting to incorporate image recognition technology to improve their business efforts. Yet many still have not prioritized transformation as a strategic plan to improve retail execution. The Oxford Economics Analytical Institute surveyed over 3,000 executives in 17 countries for current and planned investments in new technologies. Trading and Consumer Packaged Goods (CPG) companies currently 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 to make investments towards digital technology 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 stationery trade is mainly analog today.
Retailers know what products are selling and what products are obsolete, but if you ask them why, they will not know the answer. They are unable 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 the long run 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
Retrieved January 20, 2022 from https://3coresystems.com/wp-content/uploads/2021/01/Oxford-Study-The-Digital-Transformation-Imperative-for-SMBs.pdf