With Retail 4.0, a fundamental change is taking place in the retail sector. It can therefore be said that a new era has dawned as far as shopping in retail stores is concerned. The advent of online shopping has fundamentally changed the world of physical retail. In addition, online shopping itself has changed consumers’ shopping habits, so retailers are now faced with very different customer requirements. In order to satisfy customers and also to withstand the increasing competition from online shops, retailers must integrate the benefits of online shopping into their own structures. This type of changed store can be assigned to “Retail 4.0”.
What exactly does a 4th generation store look like?
Advantages of online shopping have become requirements that customers now expect and also expect in physical shops. These include, for example, continuous navigation of the product being searched for, a shopping experience in which the customer is accompanied throughout the entire course of the customer journey via digital touch points, the possibility of price comparisons, 24-hour access to the shop as well as cashless payment via corresponding systems. These elements are now to be implemented step by step in real retail stores. Navigation systems will be used to navigate customers to the product they are looking for in a store. Digital locks and issued codes also enable customers to shop around the clock in retail stores. Appropriate solutions will therefore be used to transfer the advantages of online shopping to retailers in order to strengthen them in terms of online competition.Why this is interesting for a Chief Digital Officer (CDO)?
The basis of a Chief Digital Officer (CDO) is to develop new business areas and business models. This is summarized under the 4.0 term world or Smart Everything.
See also (glossary 4.0):
- Business 4.0
- Banking 4.0/ Smart Banking
- Industry 4.0 / Smart Factory
- City 4.0 / Smart City
- Maintenance 4.0 / Smart Maintenance
- New Work / Work 4.0
- Smart Construction / Construction 4.0
- Smart Clothes / Textile 4.0
- Smart Farming / Farming 4.0
- Smart Garden
- Smart Grid
- Smart Living / Smart Home / Living 4.0
- Logistics 4.0
With e-commerce, the digitalization of trade was started at the end of the 90s of the last century. For this reason, this is important for Chief Digital Officer (CDO), especially from the retail sector. However, it can also be interesting for CDOs from other industries. After all, the sale of products and services is a fundamental part of companies.
See also (glossary RetailTech)):