Digital or Die: Digital transformation in a pandemic world.
Digital is here to stay — and for businesses to thrive, going digital is no longer not an option. Our new blog series, Digital or Die, offers ideas for elevating your digital strategy, as well as insights on how to adapt and embrace digital transformation.
For retailers to survive in today’s technology-driven world, embracing digital transformation is a must. And just when many retailers started accepting this, the COVID-19 pandemic swept the world — forever changing consumer expectations and the way we shop. An article published in Digital Commerce 360 states that, “the crisis has expedited society further into the digital world; technology that experts predicted the industry would adopt in five years is now on track to being embraced in mere months.” This means that for retailers, going digital isn’t just critical for survival — it’s necessary to keep customers and employees safe; develop a strong omnichannel presence; and adapt to new consumer preferences.
Reduce risk for employees
By now, most of us are used to wearing masks in public and sanitizing our hands before entering a store. We stay six feet from each other, and avoid touching things we aren’t planning on buying. But for employees, avoiding contact with surfaces isn’t easy — especially when it comes to updating manual price tags. Depending on the store size, retailers must update hundreds, if not thousands of price labels per week. Digital Smart Labels™ eliminate this task entirely, allowing a single employee to change pricing and signage in seconds. Not only that, but electronic shelf labels can also display stock levels, helping retailers manage and stay up to date with inventory. As mentioned in an article published by Deloitte,“it’s critical to create a strong ‘omnichannel’ link to inventories,” and Digital Smart Labels™ do just that.
Build a solid omnichannel presence
It’s no surprise that since the start of the pandemic, more people have switched to online shopping. Despite the rise in e-commerce platforms, in-store shopping will always be a staple for retailers, especially with the ongoing trend of once e-commerce brands—such as Casper and BonLook—opening physical stores. However, due to COVID-19, many retailers who never had an online presence have been forced to create one. Whether consumers prefer to shop on- or offline, the key to survival “about making sure that the customer can’t even tell the difference between your selling channels.” Digital Smart Labels™ make sure your prices and products are consistent across all selling channels, and are a great way to help retailers who are just starting with e-commerce create a strong, omnichannel presence.
Give consumers more peace of mind
According to an article in Barron’s magazine titled ‘Covid Is Making Cash History. How to Profit From the Digital-Payment Future’, digital payments are a trend that’s here to stay — even after the global pandemic calms down. The story goes on to quote Mastercard’s president and incoming CEO Michael Miebach, who says, “because of COVID, consumers don’t want to touch anything, and it’s creating a virtuous cycle for us.” Contactless payment was already increasing in popularity before COVID-19 hit. This is a huge opportunity not only for fintech companies, but also for retailers. Applying more contactless payment solutions will give consumers peace of mind and improve the overall in-store experience.
Our world has been forever changed by the COVID-19 pandemic. And for retailers, the whole concept of digital or die has never been so pertinent. Even though the pandemic has pushed retailers to adapt digital trends sooner than planned, embracing digital technology today will help your business survive tomorrow.